Loan Calculator

Enter loan amount, interest rate, and term to calculate your monthly payment instantly.

Loan Amount ($)

Monthly Interest Rate (%)

Loan Term (Months)

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How is a Loan Payment Calculated?

Monthly payment = Principal × (rate × (1+rate)^term) / ((1+rate)^term - 1). The interest rate is converted to a monthly rate (annual / 12).

How is loan interest calculated?

The annual interest rate is divided by 12 to get the monthly rate, then the amortization formula is used to calculate each installment.

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