Loan Calculator
Calculate monthly payments, total interest, and amortization for any loan.
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About This Tool
Estimate monthly payments and total cost for personal loans, mortgages, car loans, or any fixed-rate loan. Enter the principal amount, annual interest rate, and loan term to get an instant breakdown of monthly payment, total interest paid, and total amount repaid. Everything runs in your browser with no external dependencies.
How to Use
- Enter the loan amount (principal) you want to borrow.
- Set the annual interest rate and loan term in years.
- Click Calculate to see your monthly payment, total interest, and repayment breakdown.
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Frequently Asked Questions
- How is the monthly payment calculated?
- The calculator uses the standard amortization formula: M = P × r(1+r)^n / ((1+r)^n − 1), where P is the principal, r is the monthly interest rate, and n is the total number of payments. This gives you the fixed monthly payment for a fully amortizing loan.
- Does this work for mortgages and car loans?
- Yes. The formula applies to any fixed-rate, fully amortizing loan including mortgages, auto loans, personal loans, and student loans. Just enter the correct amount, rate, and term.
- Is this tool free to use?
- Yes. This tool runs entirely in your browser with no account required. Your data never leaves your device.
- What if my interest rate is 0%?
- With a 0% interest rate, the calculator simply divides the loan amount by the number of months. No interest is charged, so the total repayment equals the principal.
- Does this work on mobile?
- Yes. The tool is fully responsive and works on any device with a modern browser.