Loan Calculator

Loan Calculator Tutorial

Welcome to the Loan Calculator! This tool helps you determine your monthly payments, total interest paid, and total payment amount based on your loan amount, interest rate, and loan term.

How to Use the Calculator

1. Enter Loan Amount: Input the total amount of the loan you wish to calculate.
2. Enter Interest Rate: Provide the annual interest rate (in percentage).
3. Enter Loan Term: Specify the duration of the loan in years.
4. Calculate: Click the "Calculate" button to see your results.
5. View Results: The monthly payment, total payments, and total interest will be displayed below the input fields.
6. Copy Result: Use the "Copy" button next to each result field to save the information.

Understanding the Calculation

• The monthly payment is calculated using the formula for an amortizing loan.
• Total payments are the sum of all monthly payments over the loan term.
• Total interest is the difference between total payments and the principal loan amount.

Example

• Input: Loan Amount: $200,000, Interest Rate: 5%, Loan Term: 30 years
• Output: Monthly Payment: $1,073.64, Total Payments:$386,262.00, Total Interest: $186,262.00

Conclusion

This calculator is a free and open-source tool designed to assist you in making informed financial decisions regarding loans. Feel free to use it for your personal or professional needs!

For more tools, check out our other calculators.