Loan / EMI Calculator
Description
Taking out a loan is a major financial commitment, and understanding your repayment structure is crucial. Our Loan Calculator allows you to visualize your monthly payments and total interest costs before you sign any paperwork. Whether you are looking at a mortgage for a new home, an auto loan for a car, or a personal loan for consolidation, this tool helps you budget effectively. By adjusting the loan amount, interest rate, and term length, you can see how different scenarios affect your monthly wallet.
What It Does
It computes your Equated Monthly Installment (EMI) and the total interest payable over the life of a loan using standard amortization formulas.
How To Use
- Loan Amount: Enter the total principal amount you wish to borrow.
- Interest Rate: Enter the annual interest rate (APR) offered by the lender.
- Tenure: Input the duration of the loan in years.
- Calculate: Click to see your monthly payment and total repayment figures.
Who It Is For
Homebuyers, car buyers, students planning student loans, and anyone managing debt or planning a large purchase on credit.
Freqently Asked Questions
Does this include extra fees?
No, this calculates the base principal and interest payments. Processing fees, insurance, or taxes are not included in this standard calculation.
Is this accurate for mortgages?
It gives a good estimate for the Principal + Interest portion. However, real mortgage payments often include property tax and insurance (PITI), which you would need to add separately.
What formula is used?
We use the standard amortization formula: E = P * r * (1+r)^n / ((1+r)^n - 1), widely used by banks globally.