Loan Calculator

Calculate your loan payments, total interest, and total cost

Loan Payment Calculator

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Principal loan amount
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Annual interest rate
Years
Loan repayment period

Understanding Loan Calculations

When you take a loan, you pay back the principal amount plus interest over a specified period. Understanding how loans work helps you make better financial decisions.

Key Loan Components:

  • Principal: The original amount you borrow
  • Interest Rate: The cost of borrowing money
  • Term: The length of time to repay the loan
  • Monthly Payment: Fixed amount paid each month

Loan Comparison Tips:

  • Compare APR (Annual Percentage Rate) not just interest rates
  • Consider the total cost of the loan, not just monthly payments
  • Look for prepayment penalties
  • Check for origination fees and other charges

Common Loan Types:

  • Personal Loans: Unsecured, higher rates
  • Auto Loans: Secured by vehicle
  • Home Loans: Secured by property
  • Student Loans: Education financing
  • Business Loans: Commercial financing
  • Payday Loans: Short-term, high-cost