Loan Calculator
Calculate monthly payments, total interest, and loan details for any loan amount
Loan Types
Personal Loans
Unsecured loans for personal expenses, typically 2-7 years
Auto Loans
Vehicle financing, usually 3-7 years, secured by the car
Home Loans
Mortgages for home purchases, typically 15-30 years
Business Loans
Financing for business needs, various terms available
Key Terms
Principal
The original loan amount borrowed
Interest Rate
Annual percentage rate (APR) charged on the loan
Term
The length of time to repay the loan
Monthly Payment
Fixed amount paid each month including principal and interest
Loan Formula
M = P × [r(1+r)ⁿ] / [(1+r)ⁿ-1]
M = Monthly payment
P = Principal loan amount
r = Monthly interest rate
n = Total number of payments
Tips for Better Loans
💰 Shop Around: Compare rates from multiple lenders
📊 Check Credit Score: Higher scores get better rates
💵 Larger Down Payment: Reduces loan amount and interest
⏰ Shorter Terms: Less total interest but higher monthly payments
🔒 Fixed vs Variable: Consider rate stability vs potential savings
💡 Pro Tip
Even a 0.5% difference in interest rate can save thousands over the life of a loan. Always negotiate and compare offers!