Loan Calculator
Calculate your monthly payments, total interest, and more
Your Estimated Monthly Payment
$478.88
for a 5-year $25,000 loan
Total Principal:
$25,000.00
Total Interest:
$3,732.80
Total Payment:
$28,732.80
Payoff Date:
May 2029
How to Use This Loan Calculator
- Enter Loan Amount: Input the total amount you wish to borrow.
- Set Interest Rate: Enter the annual interest rate for your loan.
- Choose Loan Term: Select how many years you'll take to repay the loan.
- Click Calculate: See your monthly payment and total loan cost instantly.
- Adjust Values: Use sliders or input fields to compare different scenarios.
Benefits of Using a Loan Calculator
- Financial Planning: Understand exactly how much you'll pay each month.
- Compare Options: Easily compare different loan terms and interest rates.
- Budgeting: Determine what loan amount fits within your budget.
- Save Money: See how extra payments or shorter terms can reduce total interest.
- Informed Decisions: Make better financial choices with clear payment information.
- Time Saving: Get instant results without complex manual calculations.
How the Loan Calculator Works
The calculator uses the standard amortization formula to determine your monthly payment:
M = P [ i(1 + i)^n ] / [ (1 + i)^n - 1 ]
- M = Monthly payment
- P = Principal loan amount
- i = Monthly interest rate (annual rate ÷ 12)
- n = Total number of payments (loan term in years × 12)
The calculator also computes:
- Total Interest: Sum of all interest payments over the loan term
- Total Payment: Principal amount plus total interest
- Payoff Date: Estimated date when the loan will be fully repaid
Disclaimer: This loan calculator provides estimates for informational purposes only. The results are approximations and should not be considered as financial advice. Actual loan terms, interest rates, and payments may vary based on the lender, your creditworthiness, and other factors. Please consult with a qualified financial advisor or lender for accurate information regarding your specific situation.