Loan Calculator

Find out how much interest you'll pay and how long it will take to pay off your loan

How to Use this Loan or Credit Calculator?

The usage of our loan calculator depends upon what you look forward to calculating through it. The loan payment calculator comes with 4 different modes and helps you calculate the values and amounts without errors. The easy-to-follow instructions below can help you use this calculator to calculate the results you're looking for.

Find the Payment Amount

  1. Choose the "find the monthly payment" calculation from the drop-down menu of modes.
  2. Enter the loan amount.
  3. Add the interest rate.
  4. Choose the number of months.
  5. Hit the calculate button.
How Does it Work?

PMT = Monthly Payment

i = Interest Rate

PV = Loan Amount

n = total number of months

Find the Loan Amount

  1. Choose the "find the loan amount" calculation from the list of given modes.
  2. Type the interest rate.
  3. Add the number of months in the next field.
  4. Enter the monthly payment that needs to be paid.
  5. Click the calculate button to find the loan amount.
How Does it Work?

PMT = Monthly Payment

i = Interest Rate

PV = Loan Amount

n = total number of months

Find the Interest Rate

  1. Select the "find the interest rate" calculation from the given modes.
  2. Enter the loan amount.
  3. Choose the number of months.
  4. Enter the monthly payment.
  5. Hit the calculate button to find the interest rate.
How Does it Work?

To work out this mode and find the interest rate, our calculator runs the Newton-Raphson method. This method runs on a root-finding algorithm that uses the first few iterations of the Taylor series expression, i.e., f(x).

Find the Number of Payments

  1. Select the "find the number of payments" calculation mode.
  2. Add the loan amount.
  3. Type the interest rate.
  4. Enter the per-month payment.
  5. Hit the calculate button to find the number of payments.
How Does it Work?

PMT = Monthly Payment

i = Interest Rate

PV = Loan Amount

n = total number of months

Frequently Asked Questions

A loan calculator is a web-based utility designed to help people compute the total payable amount in their specified payment frequencies. The loan payment calculator runs on smart algorithms that calculate loan instalments on your behalf and displays results in seconds. It just asks the users to enter their loan specifications; you don't need to go through any manual procedure to use this online loan repayment calculator.

Our loan calculator provides highly accurate results based on standard financial formulas. The calculations account for compound interest and provide precise monthly payment amounts, total interest, and amortization schedules. However, actual loan terms may vary slightly due to fees, taxes, and other factors that lenders may include.

Yes! This calculator works for various loan types including mortgages, car loans, personal loans, student loans, and business loans. The underlying mathematical principles are the same regardless of the loan purpose. Just enter your specific loan details and choose the appropriate calculation type.

An amortization schedule is a table that shows the breakdown of each loan payment over time. It displays how much of each payment goes toward principal versus interest, and shows the remaining loan balance after each payment. This helps you understand how your loan balance decreases over time and how much interest you'll pay over the life of the loan.

To calculate your monthly loan payment, select "Find The Monthly Payment" from the calculation type dropdown. Then enter your loan amount, interest rate (annual percentage rate), and the number of months for your loan term. Click calculate to see your monthly payment amount along with the total interest you'll pay over the life of the loan.

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Disclaimer: This loan calculator provides estimates for informational purposes only. Actual loan terms, interest rates, and payment amounts may vary based on your credit score, lender policies, and other factors. Always consult with qualified financial professionals and lenders for accurate loan quotes and terms. Interest rates shown are annual percentage rates (APR) and may not include additional fees or charges that could affect your total loan cost.