Loan Calculator

Calculate your monthly loan payments and total interest

The Loan Calculator helps users estimate loan repayments and interest costs before taking a loan. By entering loan amount, interest rate, and repayment period, users can understand their financial commitment clearly. This tool is ideal for planning personal, auto, or business loans with confidence.

Example Calculations

Car Loan

Financing a new vehicle

Personal Loan

Debt consolidation loan

Home Improvement

Kitchen renovation loan

How to Use the Loan Calculator

1

Enter Loan Amount

Input the total amount you need to borrow for your purchase or project.

2

Set Interest Rate

Enter the annual percentage rate (APR) quoted by your lender.

3

Choose Loan Term

Select the repayment period in years or months that works for your budget.

4

Review Results

Analyze your monthly payment, total interest, and overall loan cost.

Frequently Asked Questions

What's included in the monthly payment?

The monthly payment includes principal and interest only. It may not include insurance, taxes, or additional fees that might be required.

How does loan term affect my payments?

Longer terms result in lower monthly payments but more total interest paid. Shorter terms mean higher monthly payments but less interest overall.

What's considered a good interest rate?

Interest rates vary by loan type, credit score, and market conditions. Personal loans: 6-36%, Auto loans: 3-10%, Home improvement: 5-15%. Shop around for the best rates.

Should I choose a shorter or longer loan term?

Choose based on your budget and financial goals. Shorter terms save money on interest but require higher monthly payments. Longer terms offer lower payments but cost more overall.