Loan Calculator is a free tool that prices car, personal and other fixed-rate loans. Enter the amount, the APR and the term in months or years to get the monthly EMI, the total interest and the payoff month. It runs entirely in your browser, so the figures stay private.
How to price a loan
- Enter the Loan amount including any fees rolled into the borrowing.
- Set the Annual rate from the offer letter and the Term in months or years.
- Compare Monthly payment against Total interest — never judge by one alone.
- Add an Extra per month figure to see how fast small overpayments clear the debt.
A $25,000 car loan at 8.5%
Over 60 months the payment is about $513 and total interest about $5,770. Stretch it to 84 months and the payment falls to roughly $394, but interest climbs past $8,100. The longer term costs an extra $2,300 for the same car — the classic trade dealers hope buyers never calculate.
When a mortgage works the same way
A home loan is the same amortizing maths on a bigger scale, with tax and insurance layered on top. Once you know the car payment, run the larger decision through the Mortgage Calculatorbefore agreeing a house budget.
Frequently asked questions
What is EMI?
Equated monthly instalment: the fixed amount you pay every month until the loan is gone. It covers that month’s interest first, and whatever is left reduces the balance.
Should I choose a longer term for a lower payment?
Only if you must. Stretching a 5-year car loan to 7 years cuts the monthly figure but adds roughly 40% more interest. Compare both terms here before signing.
Do extra payments really help on a short loan?
Yes, proportionally more than on a mortgage: even $50 extra a month on a 5-year loan can remove several payments from the end and their interest with them.
Does this include fees and insurance?
No. Origination fees, dealer charges and gap insurance sit outside the loan maths, so add them to the amount borrowed if they are rolled into the loan.
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