Loan Calculator
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Monthly Payment
$0.00
Total Interest
$0.00
Total Amount
$0.00
| Payment # | Payment | Principal | Interest | Balance |
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How to Use Our Loan Calculator
Planning your loan repayments is simple with our comprehensive calculator:
- Select Loan Type: Choose between personal, auto, mortgage, or business loan to get appropriate default values.
- Enter Loan Details: Input your loan amount, interest rate, and loan term (or use the sliders for quick adjustments).
- Choose Currency and Payment Frequency: Select your preferred currency and how often you'll make payments.
- View Results: See your monthly payment, total interest, and total amount to be repaid instantly.
- Explore Amortization Schedule: Click to view a detailed payment schedule showing how your balance reduces over time.
Why Use Our Free Loan Calculator?
- Comprehensive Analysis: Get complete insights into your loan costs, including monthly payments, total interest, and amortization.
- Multiple Loan Types: Supports personal loans, auto loans, mortgages, and business loans with appropriate presets.
- Interactive Interface: Adjust values using sliders and see results update instantly for better planning.
- Detailed Amortization: View a complete payment schedule showing principal, interest, and remaining balance for every payment.
- Multi-Currency Support: Calculate in your preferred currency with our global currency options.
- Flexible Payment Options: Calculate based on different payment frequencies to match your financial situation.
Frequently Asked Questions
What is an amortization schedule?
An amortization schedule is a table showing each payment throughout the life of the loan, including how much goes toward principal and interest, and how the remaining balance decreases over time.
How is the monthly payment calculated?
The monthly payment is calculated using the formula: P = L[r(1+r)^n]/[(1+r)^n-1], where P is the payment, L is the loan amount, r is the monthly interest rate, and n is the number of payments.
Why does making bi-weekly payments save money?
Bi-weekly payments result in 26 half-payments per year (equivalent to 13 monthly payments instead of 12). This reduces the loan principal faster, leading to less interest over the life of the loan.
Can I use this calculator for variable interest rate loans?
This calculator is designed for fixed-rate loans. For variable rate loans, you can use it to estimate payments at the current rate, but actual future payments may vary as interest rates change.
How accurate is this loan calculator?
Our calculator uses standard financial formulas for amortizing loans and provides highly accurate estimates. However, actual loan terms, including fees and exact interest calculations, may vary by lender.