Loan Calculator
Calculate monthly payments, total interest, and loan amortization schedule.
Loan Calculator
Calculate monthly payments, total interest, and create loan amortization schedules
Loan Information
About This Calculator
Estimate monthly payment, total interest, and total repayment for installment loans.
Formula
Payment = P * [r(1+r)^n] / [(1+r)^n - 1]
Example
For 50,000 principal, 7% annual rate, 60 months term, monthly payment comes from the amortization formula.
When to Use
- Comparing lenders
- Setting affordable payment range
- Understanding total borrowing cost
Best Practices
- Compare by APR, not just monthly payment
- Check prepayment penalties
- Test shorter terms to reduce total interest
FAQ
Why is a longer term cheaper monthly but expensive overall?
You pay interest for more periods, increasing total interest cost.
Can extra payments help?
Yes, they usually reduce principal faster and cut total interest.
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