You asked the right question. Before you take a loan, you should ask relevant questions to know more about payment terms and conditions.

A loan calculator from this perspective provides you several scenarios on payments and payment schedules before actually taking a loan. These tools will let you know your loan amount eligibility as well. Additionally, they can also tell you the Equated Monthly Installment that needs to be paid.

A loan calculator is normally a function of loan amount, repayment term in years, rate of interest and number of payments be paid annually. By using them, information can be derived on monthly payments, interest rates and number of payments.

Here are some loan calculators that you can use for your needs.
http://www.efunda.com/formulae/finance/loan_calculator.cfm
http://realestate.yahoo.com/calculators/payment.html
http://www.moneymadeclear.fsa.gov.uk/tools.aspx?Tool=loan_calculator
http://www.yourloancalculator.com

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