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Written by: Tim Devaney
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FAQ: Editors’ answers
What does "Balance Owed" represent?
"Balance Owed" refers to the current outstanding balance of your loan or debt that you are trying to pay off.
What is the "Estimated Interest Rate"?
This is the interest rate you expect to be charged on your loan. It's important to use an accurate estimate, as it significantly impacts your calculated EMI and total repayment amount.
How many months do I have to enter in "Desired Months to Pay Off"?
This field allows you to specify the desired timeframe (in months) within which you want to repay your loan in full.
What does the "Total" amount represent in the summary?
The "Total" amount represents the estimated total sum you will pay over the desired repayment period, including the initial balance owed and the accumulated interest.
Is this calculator suitable for all types of loans?
While not explicitly stated, the calculator seems designed for personal loans and might not be suitable for other loan types with different structures or repayment terms.
Does this calculator provide a guaranteed EMI amount?
No, the EMI amount provided by the calculator is an estimate based on your inputs. The actual EMI may differ depending on various factors, including the lender's final terms and conditions.