DocomintLoan Calculator
Calculate a loan's monthly payment, total interest, and total cost from its term in years.
The same amortization math as EMI Calculator, framed around how a personal or auto loan is usually quoted — a term in years rather than months — with the total-paid and total-interest breakdown as the headline result, useful for comparing two loan offers with different rates and terms side by side.
Example: A $20,000 auto loan at 6.5% over 5 years costs $391.31/month, $23,478.60 total, of which $3,478.60 is interest — compare that against a 3-year term at the same rate to see the trade-off between a lower monthly payment and less total interest paid.
How it works
- Enter the loan amount, annual interest rate, and term in years
- Press Calculate
- The monthly payment, total paid, and total interest appear instantly, computed on your device
Frequently asked questions
How does loan term affect total interest paid?
A longer term lowers the monthly payment but increases total interest paid, since the balance stays outstanding (and accruing interest) for longer. A shorter term raises the monthly payment but reduces total interest — try the same loan amount and rate at different term lengths to compare.
What formula is the monthly payment based on?
The standard amortization formula: EMI = P × r × (1+r)ⁿ / ((1+r)ⁿ − 1), where P is the principal, r is the monthly interest rate, and n is the number of monthly payments — the same formula banks use for loan quotes.
Is my numbers uploaded anywhere?
No — Loan Calculator runs entirely in your browser using JavaScript/WebAssembly. Your numbers is never sent to a server.