Loan Details
$
$20,000.00
8.5%
5 years
Monthly Payment (EMI)
$410.33
Total Principal
$20.0K
Total Interest
$4.6K
Total Payment
$24.6K
Payment Breakdown
Key Insights
Interest Impact
18.8% of your total payments will go towards interest.
Savings Opportunity
By reducing your term to 4 years, you could save approximately $957.47 in interest.
Key Terms Explained
Principal Amount
The original sum of money borrowed in a loan. It's the base amount on which interest is calculated.
Annual Interest Rate
The percentage of the principal charged by the lender for the use of its money over a year.
Loan Term
The total time frame you have to repay your loan in full.
EMI (Equated Monthly Installment)
A fixed payment amount you make to the lender every month to repay your loan. It includes both principal and interest components.