The Loan Calculator provides you with an interactive form to calculate loan-related details, including your monthly EMI, total interest, and the full amortization schedule. It also includes options to export the data to an Excel workbook for further tracking or sharing.
How to Use the Loan Calculator
- Opening the Loan Calculator
Click on the Loan Calculator button within the Calculators menu in the Tools category which will open a form with the following fields:
- Loan Amount: Enter the total amount of loan you want.
- Interest Rate (p.a): Enter the interest rate in percentage per annum.
- Loan Tenure: Enter the tenure of your loan in years. (if in months, multiply your total months by 12)
- Calculate Button
Once the required details are entered, click on the Calculate button to generate the following:
- Monthly EMI: The fixed monthly instalment you will need to pay over the loan tenure.
- Principal Amount: The total loan amount you entered.
- Total Interest: The total interest you will be paying over the loan period.
- Total Amount: The total amount (Principal + Total interest) to be repaid.
- Amortization Table
On the right side, you will be able to see a table that provides detailed month-by-month breakdowns:
- Month: The month number (1, 2, 3, …).
- Remaining Principal: The principal amount left to be paid after each month.
- Monthly EMI: The EMI which is fixed for each month.
- Principal Paid: The amount of the monthly EMI that goes towards the principal.
- Interest Paid: The amount of the monthly EMI that goes towards interest.
- Ending Balance: The remaining balance that is left over for each month after each payment.
- Reset Button
When you click on the Reset button, it will make the input fields back to its default values.
- Export to Excel
At the top of the table, you will find an Export to Excel button and by clicking it, the tool will generate a new Excel workbook containing:
- A summary of Loan Amount, Interest Rate, Tenure, Monthly EMI, Total Interest, and Total Amount.
- The full amortization table with all the monthly details.
The Excel workbook is cleanly formatted with headings for each column and rows of data for clear and easy viewing and sharing.
The Excel workbook is cleanly formatted with headings for each column and rows of data for clear and easy viewing and sharing.
How the Loan Calculator Works
- Input Fields: Enter the Loan Amount, Interest Rate (per annum), and Loan Tenure (in years).
- Calculation: When you click on the Calculate button, the system will use standard loan amortization formulas to calculate.
- Amortization Schedule: A detailed breakdown of each month’s payment, showing how the principal and interest portions of each payment change over time, is displayed in a table.
Key Features of the Loan Calculator
- Interactive Calculation: You can calculate monthly EMIs, total interest, and the total amount to be paid based on your loan details.
- Amortization Table: Displays a month-by-month breakdown of the loan repayment schedule, helping you understand the loan’s repayment structure over time.
- Export to Excel: You can also export the summary and full amortization table to a well-formatted Excel file for future reference or sharing with others.
Example Use Case
For Example, you are planning to take out a personal loan for 5,00,000 with an interest rate of 8% per annum over 10 years. After entering these values into the Loan Calculator:
The Loan Calculator helps you simplify your loan calculations by providing all the necessary details about your loan payments, total interest, and amortization schedule. It also can export the data into an Excel workbook making it even more easier for reporting, sharing and record-keeping.