The formula to calculate the loan tenure (T) is:
\[ T = \frac{L}{P} \]
Where:
Let's say the total loan amount (L) is $10,000 and the monthly payment (P) is $500. Using the formula:
\[ T = \frac{10000}{500} \]
We get:
\[ T = 20\, \text{months} \]
So, the loan tenure is 20 months.
Definition: This calculator estimates the tenure of a home loan in months based on the loan amount, interest rate, and monthly payment.
Formula: \( \text{Tenure} = \frac{\log(\frac{\text{Monthly Payment}}{\text{Monthly Payment} - \text{Loan Amount} \times \text{Monthly Interest Rate}})}{\log(1 + \text{Monthly Interest Rate})} \)
Example: \( \text{Tenure} = \frac{\log(\frac{1500}{1500 - 200000 \times 0.005})}{\log(1 + 0.005)} \)
Definition: Calculating home loan tenure involves determining the duration of the loan based on the loan amount, interest rate, and monthly payment.
Formula: \( \text{Tenure} = \frac{\log(\frac{\text{Monthly Payment}}{\text{Monthly Payment} - \text{Loan Amount} \times \text{Monthly Interest Rate}})}{\log(1 + \text{Monthly Interest Rate})} \)
Example: \( \text{Tenure} = \frac{\log(\frac{1200}{1200 - 150000 \times 0.004})}{\log(1 + 0.004)} \)
Definition: This calculator estimates the tenure of a personal loan based on the loan amount, interest rate, and monthly payment.
Formula: \( \text{Tenure} = \frac{\log(\frac{\text{Monthly Payment}}{\text{Monthly Payment} - \text{Loan Amount} \times \text{Monthly Interest Rate}})}{\log(1 + \text{Monthly Interest Rate})} \)
Example: \( \text{Tenure} = \frac{\log(\frac{800}{800 - 50000 \times 0.006})}{\log(1 + 0.006)} \)
Definition: This calculator estimates the tenure of a home loan with prepayment based on the loan amount, interest rate, monthly payment, and prepayment amount.
Formula: \( \text{Tenure} = \frac{\log(\frac{\text{Monthly Payment}}{\text{Monthly Payment} - (\text{Loan Amount} - \text{Prepayment Amount}) \times \text{Monthly Interest Rate}})}{\log(1 + \text{Monthly Interest Rate})} \)
Example: \( \text{Tenure} = \frac{\log(\frac{1400}{1400 - (180000 - 20000) \times 0.005})}{\log(1 + 0.005)} \)
Definition: This calculator estimates the reduction in home loan tenure based on additional payments made towards the principal.
Formula: \( \text{Reduced Tenure} = \frac{\log(\frac{\text{Monthly Payment}}{\text{Monthly Payment} - (\text{Loan Amount} - \text{Additional Payment}) \times \text{Monthly Interest Rate}})}{\log(1 + \text{Monthly Interest Rate})} \)
Example: \( \text{Reduced Tenure} = \frac{\log(\frac{1300}{1300 - (160000 - 10000) \times 0.004})}{\log(1 + 0.004)} \)
Definition: Calculating average tenure involves determining the average duration of loans or employment periods.
Formula: \( \text{Average Tenure} = \frac{\sum \text{Tenures}}{n} \)
Example: \( \text{Average Tenure} = \frac{(24 + 36 + 48)}{3} \)
Definition: This calculator estimates the reduction in home loan tenure based on additional payments made towards the principal.
Formula: \( \text{Reduced Tenure} = \frac{\log(\frac{\text{Monthly Payment}}{\text{Monthly Payment} - (\text{Loan Amount} - \text{Additional Payment}) \times \text{Monthly Interest Rate}})}{\log(1 + \text{Monthly Interest Rate})} \)
Example: \( \text{Reduced Tenure} = \frac{\log(\frac{1100}{1100 - (140000 - 5000) \times 0.003})}{\log(1 + 0.003)} \)
