Two Repayment Modes
- Repay within a fixed time: Enter how many years and months you want to take. The calculator will determine the required monthly payment.
- Repay with a fixed installment: Enter how much you can pay every month. The calculator will show how long it will take to pay off the loan.
Compound & Pay Back Options
You can choose different compounding frequencies (how often interest is calculated) and payment frequencies. This affects both the monthly payment amount and total interest paid.
Key Formula
Monthly Payment = P × r(1+r)n / [(1+r)n − 1]
Where P = Loan Balance, r = Periodic Rate, n = Total Number of Payments
Important Notes
- Higher compounding frequency usually means slightly higher effective interest.
- Making payments more frequently (e.g., bi-weekly) can reduce total interest paid.
- Always compare the APR when choosing between different loan offers.