What this page is for
A car loan is usually repaid in equal monthly payments over a few years. This page works out that payment (the EMI), how much interest it adds up to over the loan, and how the balance falls each year or each month, so you can check a quote or see what a different term would mean before you sign.
How to use it
- Replace the loan amount with what you’d borrow, after any down payment or trade-in.
- Type the yearly interest rate from the lender’s quote.
- Type the term, and choose Years or Months under Term in.
- Copy the result, or the schedule with Copy table; it lists one row per year unless you pick By month under More options. The page starts at 20,000, 9% a year and 5 years: example values so there’s a result to read, not a quote. Type your lender’s figures in their place.
A worked example
At those starting values the monthly payment is 415.17. Over 60 payments the total comes to 24,909.99, so 4,909.99 of it is interest. The last payment is 414.96, 21 cents less, because every amount is rounded to the cent and the last one clears what’s left.
What moves the payment
- Term: over 3 years the same loan costs 635.99 a month but only 2,895.82 in interest; over 7 years it’s 321.78 a month and 7,029.73 in interest.
- Rate: a higher rate raises both the payment and the total interest.
- Amount: the payment grows in step with the amount you borrow.
What it leaves out
Dealer and lender fees, insurance, taxes, and any change in the rate during the loan aren’t included. The result shows the formula with your numbers in it, and the loan EMI calculator page explains each step.
Limits
The calculator accepts amounts from 100 up to 1,000,000,000,000, at a yearly rate between 0% and 100% (to two decimal places), over 1 to 50 years or 1 to 600 months.
Privacy
Everything you enter is worked out on your device and stays on it. Of what you enter, the calculator keeps only your Schedule choice, in this browser’s storage.