Payment, term and the cost of borrowing
A fixed-rate loan is repaid in equal monthly installments. Stretching the term lowers each payment but raises the total interest you pay. The calculator shows both, so you can weigh affordability today against the overall cost.
Common questions
Any fixed-rate loan with equal monthly payments — car loans, personal loans, salary loans. For a housing loan, use the home loan calculator.
Many lenders quote an "add-on" rate, which makes the true effective rate much higher. This calculator uses a standard amortized rate, so compare carefully.
No. Processing and documentary fees can raise the real cost, so your effective rate may be higher than the rate entered.