Loan Calculator
Calculate total loan cost, monthly payments, interest, and view detailed amortization schedule
Loan Calculation Examples
Home Loan Example
Loan Amount: ₹50,00,000
Interest: 8.5% p.a.
Term: 20 years
Processing Fee: 1%
Monthly EMI: ₹43,391
Total Interest: ₹54,13,840
Processing Fee: ₹50,000
Total Cost: ₹1,04,63,840
Car Loan Example
Loan Amount: ₹8,00,000
Interest: 10% p.a.
Term: 5 years
Insurance: ₹10,000/year
Monthly EMI: ₹16,991
Total Interest: ₹2,19,460
Total Insurance: ₹50,000
Total Cost: ₹10,69,460
Personal Loan Example
Loan Amount: ₹3,00,000
Interest: 12% p.a.
Term: 3 years
Processing Fee: 2%
Monthly EMI: ₹9,961
Total Interest: ₹58,596
Processing Fee: ₹6,000
Total Cost: ₹3,64,596
Loan Calculation Formulas
Monthly EMI Formula
EMI = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ - 1)
Where:
P = Principal loan amount
r = Monthly interest rate
n = Total number of months
Total Interest
Total Interest = (EMI × n) - P
Where:
EMI = Monthly payment
n = Total number of months
P = Principal amount
Total Cost of Loan
Total Cost = Principal + Interest + Fees + Insurance
Including all additional costs gives the true cost of borrowing
Benefits & Features
Our loan calculator provides comprehensive benefits for better financial planning:
Comprehensive Analysis
- Multiple loan type support
- Interest calculation methods
- Processing fee impact
- Insurance cost inclusion
- Total cost breakdown
Payment Planning
- Monthly installment preview
- Payment schedule generation
- Extra payment analysis
- Prepayment impact
- Balance tracking
Decision Tools
- Loan comparison features
- Affordability check
- Term optimization
- Cost-benefit analysis
- Budget planning
Frequently Asked Questions
What factors affect my loan payments?
Several key factors influence your loan payments:
- Principal amount borrowed
- Interest rate
- Loan term (duration)
- Processing fees
- Insurance premiums
- Type of interest (fixed/floating)
- Repayment schedule
How can I reduce my loan cost?
Several strategies can help reduce your loan cost:
- Make a larger down payment
- Choose a shorter loan term
- Look for lower interest rates
- Compare processing fees
- Make extra payments when possible
- Maintain a good credit score
- Consider loan refinancing
What's the difference between flat and reducing interest?
Understanding interest calculation methods:
- Flat Rate: Interest calculated on full loan amount throughout term
- Reducing Balance: Interest calculated on remaining principal
- Reducing balance method results in lower total interest
- Most home and car loans use reducing balance method
- Always check which method applies to your loan