Loan Calculator CA
Estimate the monthly payment, total interest and total cost of a loan.
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Amortization schedule (yearly)
| Year | Opening | Paid / yr | Interest | Principal | Closing |
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How it works
A loan is repaid in equal monthly instalments (EMIs). Each instalment covers the interest due that month plus part of the principal, so early payments are mostly interest and later ones mostly principal.
EMI = P × r × (1+r)^n / ((1+r)^n − 1)- P = loan amount
- r = monthly interest rate (annual ÷ 12 ÷ 100)
- n = number of months
- Move the sliders to see the EMI, total interest and full schedule update instantly.
Frequently asked questions
How is a loan repayment calculated?
It uses the amortisation formula: Payment = P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the loan, r the monthly rate and n the number of months.
What is a loan repayment schedule?
It is a month-by-month table showing how each payment splits between interest and principal, and how the outstanding balance falls to zero by the end of the term.
How is loan eligibility determined?
Lenders look at your income, existing debts, credit score and the loan term. A common guide is keeping total repayments within about 40–50% of monthly income.
How much loan can I get on my salary?
Roughly, the amount whose monthly repayment fits within 40–50% of your income after existing debts — a longer term or lower rate increases the figure.
Does a longer loan term cost more?
Yes. A longer term lowers the monthly payment but means more payments and significantly more total interest.
How can I reduce the interest I pay?
Choose a shorter term where affordable, secure a lower rate, and make extra (prepayment) payments to cut the balance early.
What is the difference between EMI and a loan repayment?
They are the same thing — EMI (Equated Monthly Instalment) is the term used in India and the Gulf for the fixed monthly loan repayment.
Loan Calculator
A loan calculator turns three numbers — the amount you borrow, the interest rate and the term — into a single monthly repayment, plus the total interest you will pay over the life of the loan.
How loan repayments are calculated
Equal monthly repayments use the standard amortisation (EMI) formula:
Payment = P × r × (1 + r)n ÷ ((1 + r)n − 1)
where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly payments.
Worked example
Borrow 100,000 at 10% a year over 5 years (60 months). The monthly rate is 0.8333%, giving a repayment of about 2,124.70 a month. Over 60 months you repay roughly 127,482 — so about 27,482 in interest.
What a repayment (amortisation) schedule shows
Each repayment is split into interest on the outstanding balance plus a chunk of principal. Early on, most of the payment is interest; as the balance falls, more goes to principal. A repayment schedule lists this month by month until the balance reaches zero.
How lenders judge loan eligibility
Eligibility depends on your income, existing debts, credit history and the term. A common rule is that all your loan repayments together should stay within roughly 40–50% of your monthly income — so a higher income or fewer existing debts means you can borrow more.
Paying less interest
A shorter term raises the monthly payment but cuts total interest sharply. Making extra repayments (prepayment) reduces the balance early, which lowers the interest charged on every month that follows.
Results are estimates for general guidance in Canada and may not reflect the latest local rates, fees or rules. Check official sources before making decisions.