ZovaTool

Loan Calculator

Loan Inputs

Result Summary

Monthly Payment
₹17,356
Total Principal
₹20,00,000
Total Interest
₹21,65,552
Upfront Fees
₹10,000
Down Payment
₹5,00,000
Total Cost of Loan
₹46,75,552
Effective APR
8.57%
Periods
240 / 240
Amount Financed
₹20,00,000

How to use the Loan Calculator

  1. Pick a loan type: Home, Auto, Personal/Business or Student.
  2. Enter the loan principal, annual interest rate and tenure in months.
  3. Add a down payment in fixed amount or percent — the financed amount auto-updates.
  4. Add processing, origination and other fees so the APR reflects real cost.
  5. Choose interest method: Reducing Balance (standard) or Flat Rate.
  6. Select payment frequency: Monthly, Bi-weekly or Weekly.
  7. For Home loans, add property tax, insurance and PMI to see true monthly outflow.
  8. For Auto loans, add sales tax and registration to compute total financed.
  9. For Student loans, set the grace/deferment period and whether interest capitalizes.
  10. Open Schedule for the full amortization table — period or yearly view.
  11. Use Extra Payments to simulate recurring, yearly or one-time prepayments.
  12. Use Refinance / Compare to put two offers side-by-side.
  13. Use Tax Benefit to estimate rebate on interest paid (Home / Student loans).
  14. Export the schedule to Excel/CSV or print to PDF, or copy a Shareable link.
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Choosing the right loan — APR, fees and prepayments matter

A loan's headline interest rate rarely tells the full story. Processing fees, origination charges and PMI quietly inflate the effective rate. The APR (Annual Percentage Rate) bakes those costs into a single comparable number — always compare APRs, not just nominal rates.

Reducing balance is the default for most modern loans: interest is recalculated each period on the outstanding balance, so payments shift from mostly-interest early on to mostly-principal later. Flat rate loans charge interest on the original principal for the whole tenure — they look cheap on paper but cost significantly more.

Payment frequency matters. Switching from monthly to bi-weekly effectively makes one extra monthly payment per year, shaving years off a long mortgage and saving substantial interest.

Prepayments are the single biggest lever you control. Even modest recurring extras applied to principal can cut tenure dramatically. Always confirm prepayment penalties before committing.

For Home and Student loans, tax rebates on interest paid (e.g. India 80C/24b, USA Mortgage Interest Deduction, Student Loan Interest deduction) can reduce the effective cost. Our Tax Benefit tab gives a rough estimate — talk to an advisor for your specific situation.