Loan Calculator
Calculate monthly payments and total interest
How to Use
- Enter the loan principal, annual interest rate (%), and loan term (months).
- Monthly payment, total interest, and total payment are calculated automatically.
FAQ
How is the monthly payment calculated?
It uses the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is principal, r is monthly rate, n is number of months.
Is the interest rate annual?
Yes, enter the annual interest rate (%) and it is automatically converted to a monthly rate for calculation.