Loan Calculator
Loan Calculator
Loan Summary
| EMI | - |
|---|---|
| Loan APR (%) | - |
| Total Interest Payable | - |
| Total Amount Payable | - |
Amortization Schedule
Related Useful Calculator
Interest Calculator
An Interest Calculator is a tool that helps us find out how much...
✅ What Is a Loan Calculator?
A loan calculator is a tool that helps us figure out how much money we’ll need to pay each period (like every month or quarter) when we borrow money. It shows us how much of each payment goes toward the loan itself (principal) and how much is interest.
✅ What Is an EMI Calculator?
EMI stands for Equated Monthly Instalment. An EMI calculator tells us the fixed monthly payment needed to pay off a loan in a set time. It combines repaying the borrowed money and paying interest each month.
✅ How This Loan EMI Calculator Helps Us
Our calculator:
- Shows the periodic payment (EMI) clearly.
- Tells us the total interest and the overall amount we’ll pay, including fees.
- Calculates the APR (annual cost including fees).
- Provides an amortization schedule so we can see how much principal and interest we pay over time.
Displays a pie chart to visualize principal vs. interest vs. fees.
✅ What Is the EMI Formula?
EMI = P x R x (1+r)^n/((1+r)^N – 1
We use this formula to compute EMI:
- P = principal amount
- R = periodic interest rate (annual divided by 12 for months)
N = total number of payments
✅ EMI Calculator Example
For example, it is assumed that a loan of 80,000 is taken from a bank at an annual interest rate of 12% for a term of 2Years (24 months).
The monthly interest rate is calculated by dividing the annual rate by 12:
12% ÷ 12 = 1% (or 0.01).
The equated monthly instalment (EMI) is then determined using the standard formula:
- P x R x (1+r)^n/((1+r)^N – 1
where P is the principal (80,000), r is the monthly rate (0.01), and n is the number of payments (24).
By substituting these values, the EMI is found to be:
- =80000*0.01*(1+0.01)^24/((1+0.01)^24-1)
Accordingly, the monthly payment is established at $3,765.88.
✅ What Is APR?
APR means Annual Percentage Rate. It shows the true yearly cost of the loan, including both interest and fees. That way, we know how much we’re really paying yearly, not just the stated interest.
✅ Why It's Helpful to Include APR
- Gives a complete cost picture, not just interest.
- Makes it easy to compare loans with different fees.
- Prevents being surprised by extra upfront or hidden costs.
✅ APR Calculation Example
Suppose we borrow ₹80,000 at 12% interest for 24 months, with some fees:3000
- Monthly EMI: ₹3,765.88
- APR (including fees): 15.88%
- Total interest: ₹10,381.07
- Total amount: ₹93,381.07
APR shows the real cost once fees are included.
✅ Guide to Using This Loan Calculator
- Enter Loan Amount—how much we borrow.
- Enter Interest Rate—annual percentage.
- Set Tenure—years and months.
- Add Fees—any processing or one-time charges.
- Choose Payment Frequency—monthly, quarterly, etc.
- Pick Payment Type—arrears (end of period) or advance (start).
- Select Currency—our preferred currency.
- Click Calculate—then watch:
- EMI amount
- APR
- Total interest
- Total amount payable
Amortization schedule and pie chart!
✅ What Are the Specific Features of This Calculator?
- Supports different payment frequencies: monthly, quarterly, semi-annual, and yearly.
- Let’s us choose payment in advance or arrears.
- Shows start month, so schedule aligns with our calendar.
- Displays APR, including all fees.
- Includes amortization tables broken down by year.
✅ When to Use This Loan Calculator
We can use it when:
- Planning personal, car, home, or business loans.
- Considering loans with varied payment intervals.
- Comparing real costs by including fees and APR.
- Wanting to review the full repayment schedule.
Needing clarity on how principal and interest change over time.
TL; DR
Our loan calculator is a friendly tool that shows:
- Monthly or periodic payments (EMI)
- Total interest & full repayment cost
- True yearly loan cost (APR)
- Detailed schedule of payments over time
- A nice pie chart to visualize everything
Use it to plan wisely and compare loan options easily!