Loan Calculator
Calculate your estimated monthly payments, total interest, and the true cost of your loan.
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Your Loan Summary
Estimated Monthly Payment
$0.00
Total Interest Paid
$0.00
Total Cost of Loan
$0.00
How to Use This Loan Calculator
Whether you are planning to buy a car, take out a personal loan, or consolidate debt, our free Loan Calculator helps you see exactly how much you will pay each month and over the life of the loan. Knowing your true costs upfront is the first step to making smart financial decisions.
Step-by-Step Guide:
- Loan Amount: Enter the total amount of money you plan to borrow.
- Interest Rate: Input the annual interest rate (APR) provided by your bank or lender.
- Loan Term (Years): Enter the total number of years you have to pay the loan back. (For example, for a 60-month car loan, you would enter 5 years.)
- Click Calculate: The tool will instantly reveal your exact monthly payment, the total amount of interest you will be charged, and the final total cost of the loan.
The Math Behind the Tool: This calculator uses the standard amortization formula to determine fixed monthly payments:
Where P is the principal amount, r is the monthly interest rate, and n is the total number of payments.
M = P [ r(1 + r)n ] / [ (1 + r)n - 1 ]
Where P is the principal amount, r is the monthly interest rate, and n is the total number of payments.
Disclaimer: The results provided by this Loan Calculator are estimates intended for educational and informational purposes only. We do not guarantee the accuracy of these calculations or their applicability to your specific financial situation. Your actual monthly payment, interest rate, and total loan cost will be determined by your lender based on factors such as your credit score, loan type, and current market rates. This tool does not constitute professional financial advice. Always consult with a qualified financial advisor or your official lender before making any borrowing decisions.