Loan Calculator
Calculate your monthly loan payment, total interest, and total repayment amount easily.
How to Use the Loan Calculator
- Enter the total amount you want to borrow.
- Enter the annual interest rate offered by your lender.
- Enter the loan duration in months or years.
- Click Calculate Loan to see your estimated payments.
Loan Payment Formula
The calculator uses the standard amortization formula to estimate monthly payments:
M = P × r × (1 + r)^n / ((1 + r)^n - 1)
M = Monthly payment, P = Loan amount, r = Monthly interest rate, and n = Total number of monthly payments.
Frequently Asked Questions
What is a loan calculator?
A loan calculator is an online tool that estimates monthly payments, total interest, and the total amount you will repay over the loan term.
Does this calculator support zero interest loans?
Yes. If the interest rate is zero, the loan amount is divided equally across the selected number of months.
Are the results exact?
The results are estimates. Actual payments may differ due to lender fees, taxes, variable rates, and other loan terms.