Loan Calculator
Calculate loan payments, interest costs, and amortization schedules with our comprehensive loan calculator.
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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