Loan Calculator
Calculate monthly payments, total interest, and amortization for loans.
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How to Use This Tool
- Enter the loan amount (principal) you want to borrow.
- Enter the annual interest rate and loan term in years.
- Click 'Calculate' to see your monthly payment, total interest, and total cost.
- Review the amortization schedule to see how each payment is split between principal and interest.
Frequently Asked Questions
How is the monthly loan payment calculated?
Monthly payment = P × (r(1+r)^n) / ((1+r)^n - 1), where P is the principal, r is the monthly interest rate, and n is the number of payments. This is the standard amortization formula used by banks.
What is an amortization schedule?
An amortization schedule is a table showing each payment over the loan term, broken down into principal and interest portions. Early payments are mostly interest; later payments are mostly principal.
Does this calculator include taxes and insurance?
This calculator focuses on principal and interest payments. For mortgages, you would need to add property taxes and insurance separately to get your full monthly payment.
Can I use this for any type of loan?
Yes. This calculator works for any fixed-rate loan including personal loans, auto loans, student loans, and business loans. Just enter your specific loan terms.
Does this calculator include interest rates?
Yes, our loan calculator computes monthly payments based on the loan amount, interest rate, and loan term. It shows the total payment amount and total interest paid over the life of the loan.