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Loan Calculator

Calculate your monthly payments and see detailed amortization schedule

Loan Amount ($)

Interest Rate (%)

Loan Term (Years)

Payment Frequency

Extra Payment ($)

Payment Summary

Regular Payment per month

$0.00

Total Interest

$0.00

Total Payment

$0.00

Loan Details

Payment #	Payment	Principal	Interest	Balance

About Loan Calculator

Understanding your loan payments and terms is crucial for making informed financial decisions. Our calculator helps you plan your financial future with confidence.

How It Works

Our loan calculator uses the standard amortization formula to determine your regular payment amount and total interest cost. It takes into account:

Principal loan amount
Annual interest rate
Loan term in years
Payment frequency
Additional payments (optional)

Key Terms

Principal

The initial amount borrowed, excluding interest. This is the base amount you'll need to repay.

Interest Rate

The annual cost of borrowing, expressed as a percentage. This determines how much extra you'll pay over time.

Amortization

The gradual repayment of a loan over time through regular payments, showing how each payment reduces both principal and interest.

Practical Example

Loan Details:

• Principal: $200,000
• Interest Rate: 4.5% APR
• Term: 30 years
• Payment Frequency: Monthly

Results:

• Monthly Payment: $1,013.37
• Total Interest: $164,813.42
• Total Cost: $364,813.42

This example demonstrates how interest significantly impacts the total cost of your loan over time.

Frequently Asked Questions

How does the Loan Calculator work?

Our Loan Calculator estimates your monthly payments by taking your loan amount, interest rate, and loan term (in months or years) into account. It uses standard loan formulas to compute your payment and total interest paid.

What information do I need to use it?

You’ll need the loan amount (principal), the annual interest rate, and the loan term (e.g., 5 years). Optionally, you can include a down payment or extra fees for a more detailed calculation.

Does it include interest in the calculations?

Yes, the calculator factors in compound interest based on the rate and term you provide. It shows how much of your payment goes toward interest versus principal over time.

Can I calculate extra payments?

Some versions allow you to input extra payments to see how they reduce your loan term or total interest. If not, you can manually adjust the principal or term to simulate the effect.

How accurate is the Loan Calculator?

The calculator is accurate based on the inputs you provide, assuming a fixed interest rate. Actual loan terms may vary due to fees, variable rates, or lender-specific conditions.

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