Loan Calculator
$
%
Loan Summary
$0
Monthly Payment
$0
Total Interest
$0
Total Cost
-
Payoff Date
| Payment # | Date | Payment | Principal | Interest | Balance |
|---|
About the Loan Calculator
Our Loan Calculator helps you estimate your monthly loan payments, total interest costs, and provides a detailed amortization schedule for various types of loans.
Key Features
- Multiple Loan Types: Calculate payments for personal, auto, and short-term loans
- Accurate Payment Calculation: Calculates principal and interest payments
- Amortization Schedule: Shows how each payment is applied over the loan term
- Total Cost Analysis: Shows the full cost of your loan including interest
- Loan Comparison: Compare different loan terms and interest rates
How It Works
The calculator uses the standard loan formula to determine your monthly payment:
M = P [ r(1 + r)^n ] / [ (1 + r)^n - 1]
Where:
M = Monthly payment
P = Loan amount
r = Monthly interest rate (annual rate ÷ 12 ÷ 100)
n = Number of payments (loan term in months)
Where:
M = Monthly payment
P = Loan amount
r = Monthly interest rate (annual rate ÷ 12 ÷ 100)
n = Number of payments (loan term in months)
Who Uses This Tool?
Borrowers: Estimate payments before applying for a loan.
Financial Planners: Help clients understand loan obligations.
Students: Calculate student loan repayment options.
Car Buyers: Determine auto loan affordability.