Understand the true cost of borrowing. Our loan calculator helps you estimate monthly payments and total interest for various types of loans.
M = P × r(1+r)n / ((1+r)n − 1)
M = monthly P = principal r = monthly rate n = total months
A loan calculator estimates periodic payments from principal, interest rate, loan term, and payment frequency.
For a standard fixed-rate amortizing loan, the payment formula uses the principal, periodic interest rate, and number of payments.
Total interest is approximately total payments minus the amount borrowed, excluding additional fees and charges.
Extra payments can reduce the outstanding principal faster, potentially lowering total interest and shortening the loan term.
Use it to compare loan amounts, rates, terms, and estimated monthly payments before making a borrowing decision.
A lender’s payment can differ because of fees, insurance, taxes, variable rates, payment timing, rounding, or different amortization rules.
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