Loan Calculator
Work out the monthly payment, total interest and payoff date for any fixed-rate loan, and see how much a small extra payment each month saves you.
The formula
Payment = P·i / (1 − (1+i)^−n)
Every result on this page comes from this formula. Nothing is rounded until the final display, so figures match a spreadsheet to the cent.
How to use the Loan Calculator
- Enter the amount you are borrowing.
- Add the annual percentage rate and the repayment term.
- Optionally add an extra monthly payment to see the interest you avoid.
Loan Calculator — frequently asked questions
What is EMI?
EMI stands for equated monthly installment: a fixed amount that covers both interest and principal so the loan is fully repaid by the end of the term. Early payments are mostly interest; later ones are mostly principal.
Does paying extra each month help?
Substantially. Extra money is applied straight to principal, which shortens the term and removes every future interest charge that principal would have generated.
Is this loan calculator free to use?
Yes. Every calculator on the site is free, needs no sign-up, and runs entirely in your browser, so your figures never leave your device.
How accurate is the result?
The maths is exact for the formula shown on the page. Accuracy in the real world depends on your inputs and on assumptions the formula cannot see, so treat the output as a well-grounded estimate rather than a quote.
Can I use it on my phone?
Yes. The page is responsive, weighs a few kilobytes and works offline once loaded, so it behaves the same on a phone as on a desktop.
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About this calculator
Written and reviewed by The Samsung Calculator editorial team. Every calculator is written against a published formula, reviewed against at least one independent reference implementation, and dated when it changes.
Last reviewed August 13, 2026 · Calculation runs client-side · No data collected · Report an error