Amortization Calculator 🧮

Loan Amount (₹): Annual Interest Rate (%): Loan Term (in years):

 What is an Amortization Calculator?

 You can use an amortization calculator to determine how you will repay a loan over time. It reveals to you: How much your monthly payment (EMI) will be

 How much goes toward interest on each payment? How much is used to reduce the principal amount of the loan? how long it will take to pay off the loan completely The total amount you will pay over the life of the loan

 How does it function? The calculator asks you to enter some basic information:

 Sum of the Loan (The Total Amount Borrowed) Rate of Interest (percentage rate per year) Loan Duration (The number of months or years it will take you to pay it off) Payment Frequency (Usually monthly)

 After you enter these, the calculator gives you a full amortization schedule.

 What is an Amortization Table?

 The following table displays your monthly loan repayment schedule: Month EMI Interest Principal Remaining Balance

 1 ₹10,000 ₹2,000 ₹8,000 ₹1,92,000

 2 ₹10,000 ₹1,920 ₹8,080 ₹1,83,920

 … … … … …

 This demonstrates how your debt gradually decreases with each payment. Benefits of Using It

 Helps with financial planning

 allows you to view the actual cost of your loan Know how much interest you'll have to pay over time. Explore how early payments or extra payments will affect your loan