Estimate your fixed monthly loan payment (EMI) from the loan amount, annual interest rate and term in years. Also shows total interest and total repayment over the life of the loan.
The calculator uses the standard amortizing-loan formula: fixed payment = principal × rate × (1+rate)^n ÷ ((1+rate)^n − 1), where rate is the monthly interest and n is the number of months. The result splits each month into interest and principal.
Two loans at the same rate but different terms cost very differently in total interest. Comparing the full repayment — not just the monthly figure — is how you spot the cheaper deal before signing.
Comparing only the headline interest rate. Fees, the term length and whether the rate is fixed or variable change the real cost more than 0.25% on the rate.
Extra payments — do they help? Yes. Any extra toward principal shortens the term and cuts total interest, because future interest is charged on a smaller balance.
Fixed or variable? Fixed gives certainty; variable can be cheaper early but exposes you to rate rises. Match it to how long you keep the loan.