Loan Calculator
Estimate your monthly payment, total interest, and total cost of a loan.
Why It Matters
A Loan Calculator helps you understand the true cost of borrowing — including monthly payments, total interest, and long-term impact.
How to Use
- Enter the loan amount
- Input the annual interest rate
- Set the loan term in years
- Click “Calculate Loan”
Formula: Loan Payment
M = P × [i(1+i)^n] / [(1+i)^n − 1]M = Monthly Payment
P = Principal
i = Monthly rate
n = Number of payments
Real-World Uses
- Auto Loans: Compare car financing options
- Mortgages: Evaluate 15 vs 30-year terms
- Personal Loans: Avoid high-interest debt
- Student Loans: Plan repayment strategies
- Business Loans: Forecast cash flow impact
Example Comparison
| Term | 30-Year | 15-Year |
|---|---|---|
| Amount | $300k | $300k |
| Rate | 6.5% | 6.0% |
| Monthly | $1,896 | $2,531 |
| Total Paid | $682,560 | $455,580 |
| Interest | $382,560 | $155,580 |
Tips to Save
- ✅ Improve credit score for lower rates
- ✅ Make extra payments
- ✅ Shorten loan term
- ✅ Compare APRs
- ✅ Refinance when rates drop
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