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Loan Calculator
Calculate monthly payments, total interest, and total cost for any loan amount.
About Loan Calculator
A loan calculator uses the standard amortization formula to determine monthly payments for a fixed-rate loan. Given the principal amount, annual interest rate, and loan term, it calculates the monthly payment, total interest paid over the life of the loan, and the total amount paid. This is essential for comparing loan offers and planning finances.
How to Use
Enter the loan amount (principal), annual interest rate as a percentage, and the loan term. Toggle between months and years for the term. Click Calculate to see the monthly payment, total interest, and total payment. Copy the summary with one click.
Common Use Cases
- •Estimating monthly mortgage payments before buying a home
- •Comparing auto loan offers from different lenders
- •Planning student loan repayment strategies
- •Calculating personal loan costs before borrowing
- •Understanding how interest rates affect total loan cost