Loan Calculator
Enter the amount, the annual rate and the term. You get the monthly instalment, the interest you will actually pay, and the total.
Read the maths behind this tool: The EMI Formula, Explained With Real Numbers
Why early payments are mostly interest
Interest is charged on the outstanding balance, so in month one it is charged on the full amount. As the balance falls, less of each payment goes to interest and more to principal.
What changes the total
Term matters more than rate for total cost: stretching a loan lowers the monthly payment and raises the total interest, often by more than a rate cut saves.
Does this include fees?
No — processing fees, insurance and taxes are extra. Add them to the amount for a closer estimate.
What is a good rate?
Compare the effective annual rate, not the advertised one.
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