How to Use the Interest Calculator
Our advanced Interest Calculator is a versatile tool designed to help you handle various financial calculations in one place. Whether you are an investor looking to project your wealth growth or a borrower planning loan repayments, this tool covers it all.
1. Investment (Compound)
Use this mode for Savings accounts, SIPs, or Fixed Deposits. It uses the compound interest formula A = P(1 + r/n)^(nt) to show how your money grows over time with optional monthly contributions.
2. Loan Calculator (EMI)
Planning to take a Home Loan or Car Loan? Switch to the "Loan" tab. This amortized calculator computes your monthly EMI and total interest payable using the standard banking formula.
3. Simple Interest
Best for short-term non-compounding loans or basic educational calculations. It uses the classic formula SI = (P × R × T) / 100.
Frequently Asked Questions (FAQ)
What is the difference between Simple and Compound Interest?
Simple interest is calculated only on the principal amount. Compound interest is calculated on the principal amount AND the accumulated interest from previous periods, allowing your money to grow faster.
How accurate is this Interest Calculator?
This tool uses standard mathematical formulas used by banks and financial institutions globally. However, actual bank returns may vary slightly due to tax deductions or policy changes.
Can I save my calculation results?
Yes! You can download your detailed report as a PDF file, export the data to a CSV (Excel) file, or print the results directly from the tool.