About the Loan Calculator
Our Loan Calculator helps you estimate your monthly loan payments, total interest, and total amount paid over the life of the loan. Simply enter the loan amount, interest rate, and loan term to see your payment breakdown.
This tool is perfect for anyone planning to take out a loan, whether it's for a mortgage, auto loan, or personal loan. It provides a clear picture of your financial commitment and helps you make informed decisions.
How is it Calculated?
The formula used to calculate the monthly payment (M) is:
M = P [r(1+r)^n] / [(1+r)^n-1]
- P: The principal loan amount
- r: The monthly interest rate (your annual rate divided by 12)
- n: The number of payments (loan term in years multiplied by 12)
This calculator is for informational purposes only and may not reflect the exact terms of your loan. Please consult with a financial advisor for personalized advice.