A Complete Loan Calculator Guide

Three inputs decide a loan: principal, interest rate and tenure. Stretching tenure lowers the instalment but raises total interest, often dramatically.

A 500,000 loan at 8.5% costs about 4,338 monthly over 20 years and 545,000 in interest. Over 10 years the payment rises to roughly 6,199 but interest falls to about 244,000.

Compare offers on total cost of credit, not the monthly figure lenders lead with.