Loan Comparison Calculator
Loan Option 1
Loan Option 2
Here’s a simple guide on how to use the Loan Comparison Calculator I provided:
Step-by-Step Instructions:
- Enter Loan Details:
- Loan Amount (₹): Enter the total amount you want to borrow (e.g., ₹10,00,000 for a home loan).
- Loan Term (Years): Enter the repayment period (e.g., 20 years).
- Enter Loan Options:
- Loan Option 1:
- Interest Rate 1 (%): Enter the annual interest rate for the first loan (e.g., 8.5%).
- Fees/Charges (₹): Add any one-time fees (e.g., processing fee of ₹5,000).
- Loan Option 2:
- Interest Rate 2 (%): Enter the second loan’s interest rate (e.g., 7.9%).
- Fees/Charges (₹): Add fees if applicable (e.g., ₹3,000).
- Click “Compare Loans”:
- The calculator will compute and display:
- Monthly EMI for both options.
- Total Interest payable.
- Total Cost (loan amount + interest + fees).
- Better Option (which loan saves you money).
- Savings compared to the costlier option.
Example:
- Loan Amount: ₹10,00,000
- Loan Term: 10 years
- Option 1: 8.5% interest + ₹5,000 fees
- Option 2: 7.9% interest + ₹3,000 fees
Result:
- Option 1 EMI: ₹12,398 | Total Cost: ₹14,87,760
- Option 2 EMI: ₹12,078 | Total Cost: ₹14,49,360
- Better Option: Option 2 (saves ₹38,400).
Key Notes:
- Lower interest rates usually mean lower EMIs, but compare total cost (including fees).
- Use this to negotiate with banks or pick between personal loans, home loans, etc.
- The calculator assumes fixed interest rates (for floating rates, results may vary).