What is a Loan Calculator?
A loan calculator helps you quickly compute monthly payments and total interest for mortgages, auto loans, and other loans. Supports equal payment and equal principal methods, making it easy to compare different loan options.
How to Use
- Enter the loan principal amount.
- Set the annual interest rate and loan term.
- Choose repayment method (equal payment / equal principal).
- View monthly payment, total interest, and results.
Features
- ✓ Equal payment method
- ✓ Equal principal method
- ✓ Real-time calculation
- ✓ Monthly payment display
- ✓ Total interest
- ✓ First/last month payment
- ✓ No signup
- ✓ Completely free
FAQ
What's the difference between equal payment and equal principal?
Equal payment has fixed monthly amounts with higher interest proportion early on. Equal principal has fixed principal payments with decreasing total amounts and less total interest.
Is this calculator accurate?
This calculator uses standard loan formulas consistent with bank calculations. Actual payments may vary slightly due to bank policies.
Will my data be saved?
No! All calculations happen locally in your browser. Nothing is saved or uploaded.