Can a Term Loan Calculator estimate the total interest paid over the loan term?

Yes, a Term Loan Calculator can effectively estimate the total interest paid over the loan term. This calculator typically requires you to input the following information:

• Monthly equated monthly instalment (EMI): The fixed monthly payment amount.
• Total Interest Payable: The cumulative interest paid over the entire loan duration.
• Total Amount Payable: This includes both the principal and total interest.

After inputting the loan details, the calculator will estimate the total interest you will pay. This can be valuable when comparing various loan offers and assessing the overall borrowing cost. The Term Loan Calculator can be used for estimating loan payments and total interest. It is based on the information you input and the assumptions made by the calculator. Actual loan terms and costs may vary depending on the lender, your creditworthiness, and other factors.