Loan Calculator

Calculate your monthly loan payments, total interest, and amortization schedule for any type of loan including personal loans, auto loans, and mortgages.

How It Works

Formula: M = P × [r(1+r)^n] / [(1+r)^n - 1]

Where:

• M = Monthly payment
• P = Principal loan amount
• r = Monthly interest rate (annual rate ÷ 12)
• n = Total number of payments (years × 12)

Source: Standard financial calculation formula used by banks and financial institutions worldwide.

What You'll Calculate

• Monthly Payment: Your fixed monthly payment amount
• Total Interest: Total interest paid over the life of the loan
• Total Payment: Principal + total interest
• Interest Rate Impact: How different rates affect your payment

Loan Types Supported

• Personal Loans: Unsecured loans for personal use
• Auto Loans: Vehicle financing with collateral
• Home Loans: Mortgage and home equity loans
• Student Loans: Education financing
• Business Loans: Commercial financing

Important Considerations

• Interest Rates: Rates vary based on credit score, loan type, and market conditions
• Loan Terms: Longer terms = lower payments but more total interest
• Down Payments: Larger down payments reduce monthly payments
• Credit Score: Better credit scores qualify for lower interest rates

Limitations

• Does not include fees, insurance, or taxes
• Assumes fixed interest rates (not adjustable)
• Does not account for early payments or refinancing
• Results are estimates; actual terms may vary

Sources:

• Federal Reserve Economic Data (FRED)
• Consumer Financial Protection Bureau (CFPB)
• Standard financial mathematics textbooks

Disclaimer: This calculator is for informational purposes only. Consult with a qualified financial advisor for personalized loan advice. Loan terms and rates are subject to lender approval and market conditions.