Loan Calculator
Calculate loan payments, total interest, and generate amortization schedules for various loan types.
Loan Details
Enter your loan information below to calculate payments and generate an amortization schedule.
Unsecured loans for personal expenses, typically with higher interest rates
Understanding Loan Calculations
This loan calculator uses standard financial formulas to calculate your monthly payment, total interest, and generate an amortization schedule. Here's how the calculations work:
Monthly Payment Formula:
Payment = P × [r(1 + r)^n] ÷ [(1 + r)^n - 1]
Where:
- P = Principal (loan amount)
- r = Monthly interest rate (annual rate divided by 12)
- n = Total number of payments (loan term in months)
Loan Types:
- Personal Loans: Typically unsecured loans with higher interest rates, used for various personal expenses.
- Auto Loans: Secured by the vehicle being purchased, usually with lower interest rates than personal loans.
- Student Loans: Specifically for educational expenses, often with special repayment terms and interest rates.
Extra Payments:
Making extra payments towards your loan principal can significantly reduce the total interest paid and shorten the loan term. Even small additional monthly payments can make a big difference over time.
Note: This calculator provides estimates based on the information you provide. Actual loan terms and payments may vary based on lender-specific factors, fees, and other considerations. Always consult with a financial advisor or lender for personalized advice.