Loan Calculator
Calculate your monthly loan payments and total interest.
Loan Details
About Loan Calculator
This loan calculator helps you determine your monthly payment, total interest, and the total amount paid over the life of your loan.
The calculator uses the standard formula for calculating fixed-rate loan payments:
M = P [ i(1 + i)^n ] / [ (1 + i)^n - 1]
Where:
M = Monthly payment
P = Loan amount
i = Monthly interest rate (annual rate divided by 12)
n = Number of payments (loan term in years multiplied by 12)
Tips for Lower Payments
- Make a larger down payment to reduce the loan amount
- Improve your credit score to qualify for lower interest rates
- Consider a longer loan term (but remember you'll pay more interest overall)
- Shop around with multiple lenders to find the best rate
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