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Loan Calculator
$
%
Monthly Payment
$0.00
Principal
$0
Total Interest
$0
Total Cost
$0
Payment Breakdown
Principal (50%)
Interest (50%)
| Year | Principal | Interest | Balance |
|---|
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How to Use the Loan Calculator
- Enter the total loan amount you want to borrow
- Input the annual interest rate (APR)
- Select the loan term in years or months
- Click "Calculate Loan" to see your results
- View the amortization schedule to see year-by-year breakdown
Understanding Your Loan
- Principal - The original amount borrowed
- Interest - The cost of borrowing, expressed as a percentage
- Term - The length of time to repay the loan
- Amortization - The schedule showing how each payment is split between principal and interest
- Early Payoff - Making extra payments reduces total interest paid
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Frequently Asked Questions
How is the monthly payment calculated?
We use the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is principal, r is monthly rate, and n is number of payments.
What's the difference between APR and interest rate?
The interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus other fees, giving you the true cost of the loan.
How can I pay off my loan faster?
You can make extra payments toward the principal, make bi-weekly payments instead of monthly, or refinance to a shorter term.
Does this calculator work for mortgages?
Yes, this calculator works for any fixed-rate loan including mortgages, auto loans, personal loans, and student loans.