Loan Calculator

What is a Loan Calculator?

A Loan Calculator is a tool designed to compute monthly loan payments, total interest payable, and the overall repayment amount based on the loan’s principal, interest rate, and term.

When to use a Loan Calculator?

Use this calculator when:

• Planning to apply for a mortgage, car loan, or personal loan.
• Comparing loan options to find the most cost-effective deal.
• Budgeting monthly expenses for loan repayments.

How to use a Loan Calculator?

1. Input the Loan Amount: The total money borrowed.

2. Enter the Interest Rate (%): The annual interest rate applied.

3. Specify the Loan Term (years): The repayment period.

4. Click Calculate to view the monthly payment and total repayment amount.

It utilizes the formula for amortized loans to accurately calculate payments.

Who needs a Loan Calculator?

This tool is ideal for:

• Homebuyers: To estimate mortgage costs.
• Borrowers: Considering car loans or personal loans.
• Financial Planners: For assessing repayment schedules and interest amounts.