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OZO Loan Calculator

Free Loan Calculator

Find the monthly payment for any loan, see the total interest you’ll pay, and open the full repayment schedule month by month.

  • Free forever
  • No signup
  • Instant results
% a year

The annual rate (APR) from your lender.

years
Term in

Enter the amount, rate and term.

How to calculate a loan repayment

  1. 1

    Enter the loan amount

    Type how much you plan to borrow.

  2. 2

    Enter the interest rate

    Use the annual interest rate (APR) your lender quotes.

  3. 3

    Enter the term

    Type how long you will repay over, in years or months.

  4. 4

    Review the cost

    See the monthly payment (EMI), total interest and total repaid, and open the schedule to see each payment.

Understanding your loan

Most personal loans, car loans and mortgages are amortising: you pay the same amount each month, and each payment covers that month's interest plus a slice of the loan itself. Because interest is charged on the remaining balance, the interest part shrinks over time and the principal part grows.

The formula

Monthly payment = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)

  • P: the amount borrowed
  • r: the monthly rate (annual rate ÷ 12 ÷ 100)
  • n: the number of monthly payments

Payments are rounded to the cent, and the final payment absorbs any rounding so the balance ends at exactly zero. The schedule shows this.

Compare before you borrow

Try different terms and rates: on a 10,000 loan at 12%, three years costs about 1,960 in interest, while five years costs about 3,350, even though the monthly payment is lower. Seeing the total interest helps you choose.

Saving instead of borrowing? See how money grows with the compound interest calculator, or work out a rate change with the percentage calculator.

Frequently asked questions

How is the monthly loan payment calculated?

For a standard repayment loan, the fixed monthly payment (EMI) is P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the amount borrowed, r the monthly interest rate (annual rate ÷ 12) and n the number of payments.

What does the repayment schedule show?

Every payment split into interest and principal, and the balance left afterwards. Early payments are mostly interest; later ones mostly pay down the loan.

How can I pay less interest?

Borrow less, find a lower rate, or choose a shorter term. A shorter term raises the monthly payment but usually cuts the total interest sharply; try both in the calculator to compare.

Is this accurate for my mortgage or car loan?

It is accurate for standard fixed-rate repayment loans with monthly payments. Lenders may add fees, insurance or different compounding, so use their official quote for final figures.

What is an EMI?

EMI stands for equated monthly instalment: the same payment every month that covers both interest and repayment, so the loan is fully paid off by the end of the term.

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