Loan Calculator

Uncover the true cost of borrowing. Calculate monthly payments and total interest.

Total Interest Paid: ₹0.00
Total Cost of Loan: ₹0.00
Monthly Payment: ₹0.00

Past Calculations

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About the Loan Calculator

When taking out any form of debt—whether it's a mortgage, an auto loan, or student debt—it is crucial to understand not just what you'll pay every month, but the true, overall cost of borrowing that money. The Loan Calculator reveals the hidden costs of interest.

By simply entering the principal amount you are borrowing, the annual percentage rate (APR), and the life of the loan in years, this robust utility simulates a full amortization schedule to tell you exactly how much extra money you will end up paying the bank.

Mathematical Formula

Our calculator strictly adheres to the standard banking amortization formula for fixed-rate installment loans:

Monthly Payment (A) = P [ r(1 + r)^n ] / [ (1 + r)^n – 1 ]

P = Principal amount borrowed
r = Periodic Interest Rate (Annual Rate ÷ 12 ÷ 100)
n = Total number of payments (Years × 12)

Common Uses

  • Mortgages: Deciding between a 15-year fixed loan or a 30-year fixed loan by comparing the massive differences in total interest paid over time.
  • Auto Loans: Ensuring that the dealership's monthly payment quote matches the mathematical reality of the advertised interest rate.
  • Student Loans: Understanding how a high-interest unsecured loan will impact your monthly budget post-graduation.

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