Loan Calculator
Enter the loan amount, annual interest rate, and loan period to calculate your monthly payment, total amount paid, and total interest.
How Loan Payments Are Calculated
Monthly payment is calculated using the standard amortization formula:
M = P × [r(1+r)^n] / [(1+r)^n - 1]
- M = monthly payment
- P = principal (loan amount)
- r = monthly interest rate (annual rate / 12 / 100)
- n = total number of payments (years × 12)