Loan Calculator
About This Tool
Our loan calculator helps you estimate monthly payments, total interest costs, and create a detailed amortization schedule for different types of loans. Whether you're considering a mortgage, auto loan, or personal loan, this tool provides comprehensive financial insights.
Enter your loan details, and get instant results to help you make informed borrowing decisions.
Loan Types
Standard Loan
A basic loan with fixed interest rate and regular payments over a specified term.
Mortgage
A loan used to purchase real estate, typically including property tax and home insurance in the monthly payment.
Auto Loan
A loan specifically for purchasing a vehicle, often with a down payment and shorter term.
Formulas Used
Monthly Payment:
M = P [r(1+r)^n] / [(1+r)^n - 1]
Where: M = Monthly Payment, P = Principal Loan Amount, r = Monthly Interest Rate (Annual Rate/12), n = Total Number of Payments
Interest Payment:
I = P * r
Where: I = Interest Payment, P = Remaining Principal, r = Monthly Interest Rate
Principal Payment:
PP = M - I
Where: PP = Principal Payment, M = Monthly Payment, I = Interest Payment
Remaining Balance:
B = P - PP
Where: B = Remaining Balance, P = Previous Balance, PP = Principal Payment
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