Student Loan Repayment Calculator
Works out the equal monthly instalment on a student loan and shows the total paid and the interest added over the whole term.
Recent
Formula
How the calculation works
The calculator converts the annual interest rate into a monthly rate and the loan term from years into months.
It applies the standard amortisation formula so that every instalment covers both interest and part of the principal.
Multiplying the instalment by the number of months gives the total paid, and subtracting the principal leaves the interest.
Common mistakes
- Using the annual rate directly in the monthly formula instead of dividing it by twelve, which hugely overstates the EMI.
- Ignoring processing fees and insurance, which raise the real cost above the interest figure the formula returns.
When to use it
- Use it before signing a loan so you know the monthly figure that must fit inside your starting salary.
- Use it to compare a shorter term with a lower rate against a longer term that eases the monthly burden.
Worked example
A 500000 taka loan at 9 percent over 5 years gives an EMI of about 10380 taka, a total payment of 622770 and 122770 taka in interest.
Common questions
Does a longer term reduce the interest?
No, a longer term lowers the monthly instalment but increases the total interest, because you borrow the money for more months.
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