Loan Calculator
Calculate your loan payments, total interest, and payment schedule
Loan Details
Payment Summary
Enter your loan details to see payment calculations.
How Loan Calculations Work
This loan calculator uses the standard loan payment formula to calculate your monthly payment amount based on the loan principal, interest rate, and loan term.
Key Terms:
- Principal: The original loan amount
- Interest Rate: The annual percentage rate (APR) charged by the lender
- Loan Term: The length of time to repay the loan
- Monthly Payment: Fixed amount paid each month
Tips for Better Loan Terms:
- Shop around with multiple lenders for the best rates
- Consider making a larger down payment to reduce the loan amount
- Choose the shortest loan term you can afford for less total interest
- Maintain good credit to qualify for lower interest rates