What is a Loan Calculator?

A loan calculator is an online tool designed to help you estimate monthly payments and total interest on a loan. By entering the loan amount, interest rate, and loan term, you can quickly calculate how much your loan will cost over its lifespan.

How to Use This Tool?

1. Enter the loan amount (the amount you’re borrowing).
2. Provide the interest rate (the annual rate the bank or lender charges).
3. Specify the loan term (the number of years you plan to repay the loan).
4. Click the “Calculate Loan” button to get the estimated monthly payment and total interest.
5. Your result will appear below, showing both the monthly payment and the total interest.