Loan Calculator
Calculate monthly payments, interest, and amortization
Loan Summary
Monthly Payment
$0.00
Total Interest
$0
Total Cost
$0
Principal vs Interest
Principal Interest
Payoff Date: —
Amortization Schedule (First 12 Months)
| Month | Payment | Principal | Interest | Balance |
|---|
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Frequently Asked Questions
How is monthly payment calculated?
Monthly payment uses the standard amortization formula: M = P * [r(1+r)^n] / [(1+r)^n - 1], where P is principal, r is monthly rate, and n is number of payments.
What's the difference between APR and interest rate?
Interest rate is just the cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus fees, giving a more complete picture of loan cost.
Should I choose a shorter or longer loan term?
Shorter terms mean higher monthly payments but less total interest. Longer terms have lower payments but cost more overall. Choose based on your budget and financial goals.
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