Loan Calculator - Mathematical Calculations & Solutions
How It Works
Enter Loan Details
Input amount, rate, and term
Calculate
Apply loan payment formula
Common Examples
Loan Calculator
What
Calculate monthly payments, total interest, and loan costs for various loan types.
Why
Essential for financial planning, budgeting, and comparing loan options.
Applications
Mortgages, auto loans, personal loans, and business financing.
Loan Examples
| Loan Type | Amount | Rate | Monthly Payment |
|---|---|---|---|
| Mortgage (30yr) | $300,000 | 4.5% | $1,520 |
| Auto Loan (5yr) | $30,000 | 6.0% | $580 |
| Personal (3yr) | $15,000 | 10.0% | $484 |
| Student (10yr) | $50,000 | 5.5% | $542 |
Frequently Asked Questions
How is the monthly payment calculated?
Using the amortization formula: M = P[r(1+r)ⁿ]/[(1+r)ⁿ-1], where P=principal, r=monthly rate, n=total payments.
What's included in the total interest?
Total interest is the difference between total payments over the loan term and the original principal amount.
How does loan term affect payments?
Longer terms mean lower monthly payments but higher total interest. Shorter terms mean higher payments but less total interest.
Are additional fees included?
This calculator shows principal and interest only. Additional costs like insurance, taxes, or fees are not included.
Can I use this for different loan types?
Yes, this calculator works for mortgages, auto loans, personal loans, and any fixed-rate installment loan.