Payment Calculator
Calculate the fixed periodic payment needed to repay any loan or financed purchase.
- Free to use
- Accurate results
- No registration required
- Works on all devices
Your result
₹9,680.16
Monthly payment
AI explanation
Formula
Payment = P × r × (1+r)^n / [(1+r)^n − 1], where r is the monthly interest rate and n is the number of paymentsWorked example
₹3L financed, 10%, 3 years
| Field | Value |
|---|---|
| Amount financed | 300000 |
| Interest rate | 10 |
| Tenure | 36 |
| Monthly payment | 9680.16 |
| Total interest | 48485.76 |
| Total payment | 348485.76 |
Assumptions
- Applies to any fixed-rate, fixed-term financed purchase — a loan, a financed appliance, a vehicle, or similar.
- Informational only.
Frequently asked questions
What determines the size of my payment?
Three factors: the amount financed, the interest rate, and the repayment term — a higher amount or rate increases the payment, while a longer term decreases it (but increases total interest paid).
Is this the same as an EMI calculator?
Yes — "payment" here refers to the same equated periodic installment (EMI) used for loans, generalized to any financed purchase.
How can I lower my monthly payment?
Extend the repayment term, negotiate a lower rate, or reduce the financed amount with a larger upfront payment — each lowers the periodic payment, though a longer term increases total interest.
Related calculators
Sources
- Master Circular on customer service and fair practices code — Reserve Bank of India. Effective 01-07-2015, reviewed 13-09-2026.
This calculator provides a general estimate only and does not constitute financial advice.
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