Finance

Personal Loan Total Interest Calculator (30 Years)

Estimate total interest paid over a loan. This personal version uses a 30-year planning term as its starting point.

This Total interest is the extra amount paid above the loan amount over the full term, and the Total paid is the loan amount plus that interest.

Formula

Total interest equals monthly EMI times number of payments minus the principal.

How it works

A longer term lowers the monthly payment but raises total interest.

Worked example

For example, a $200,000 loan at 6.5% per year over 30 years (360 monthly payments) has a monthly EMI of $1264.14, giving total paid of $455088.98 and total interest of $255088.98.

FAQs

Why does a longer loan cost more interest?
More payments mean interest is charged for longer, so total interest rises even if each payment is smaller.

Is this personal calculator exact?
No, it is an estimate for planning only, based on the numbers you enter.

Are these figures financial advice?
No, they are estimates for planning only, not financial advice. Check with a qualified adviser for decisions involving large sums.

Estimates only, not financial advice. Figures are approximate and do not include all fees, taxes, or changing rates unless stated.