Loan Calculator
? Frequently Asked Questions
What loan types can this calculator handle?
The calculator works for mortgages, auto loans, personal loans, student loans, and any amortizing loan with fixed payments. You input loan amount, interest rate, and term to see monthly payments and total interest.
How does it calculate monthly payments?
It uses the amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1], where M is monthly payment, P is principal, r is monthly interest rate, and n is number of payments.
Can I see the payment breakdown over time?
Yes! The calculator generates an amortization schedule showing each payment's breakdown between principal and interest, plus the remaining balance after each payment throughout the loan term.
How does extra payment affect my loan?
Many loan calculators allow you to add extra payments and see how much interest you'll save and how much earlier you'll pay off the loan. Even small extra payments can significantly reduce total interest.
What's APR vs interest rate?
Interest rate is the cost of borrowing, while APR (Annual Percentage Rate) includes interest plus fees and other costs. For accurate payment calculations, use the stated interest rate, not APR.
Is my data safe and secure?
Yes, absolutely! This tool runs entirely in your browser. All data processing happens locally on your device - nothing is uploaded to our servers. Your files and data never leave your computer, ensuring complete privacy and security.