Loan Calculator
Calculate loan payments, total interest, and payoff schedules for any loan type.
Loan Calculation Results
Monthly Payment:
$0.00
Total Payment:
$0.00
Total Interest:
$0.00
Interest Percentage:
0.00%
About Loan Calculations
This loan calculator helps you determine monthly payments and total costs for various types of loans including personal loans, auto loans, and other installment loans.
How It Works:
- Monthly Payment: Calculated using the standard loan payment formula
- Total Payment: Monthly payment multiplied by the number of payments
- Total Interest: Total amount paid minus the original loan amount
- Interest Percentage: Percentage of total payments that goes to interest
Tips for Better Loan Terms:
- Shop around with multiple lenders for the best interest rates
- Consider making a larger down payment to reduce the loan amount
- Shorter loan terms typically have lower interest rates but higher monthly payments
- Improve your credit score before applying for better rates
Loan Formula
M = P [ r(1 + r)^n ] / [ (1 + r)^n – 1]
Where:
Where:
- M = Monthly payment
- P = Principal loan amount
- r = Monthly interest rate (annual rate ÷ 12)
- n = Total number of monthly payments