Loan Calculator

A Loan Calculator is a financial tool that helps you estimate monthly payments, total interest, and total cost of a loan before you borrow money. It's essential for budgeting, comparing loan options, and making informed financial decisions.

Loan calculators use the standard amortization formula to calculate:

• Monthly Payment: The fixed amount you'll pay each month
• Total Interest: The total amount of interest paid over the loan term
• Total Payment: The sum of principal and interest over the entire loan period

This calculator works for various types of fixed-rate loans including mortgages, auto loans, personal loans, and student loans. By adjusting the loan amount, interest rate, and term, you can see how different factors affect your monthly payment and total cost. This helps you find the best loan terms for your financial situation and plan your budget accordingly.