Loan Calculator
Calculate monthly loan payments, total interest, and amortization schedule for any loan.
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How to Calculate
M = P × [r(1+r)^n] / [(1+r)^n - 1]
Where P = principal loan amount, r = monthly interest rate (annual rate / 12), n = total number of payments (years × 12).
Frequently Asked Questions
How do I calculate my monthly loan payment?
Use the formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is the principal, r is the monthly interest rate (annual rate / 12), and n is the total number of payments.
What factors affect my loan payment?
Your monthly payment depends on three factors: the loan amount (principal), the interest rate, and the loan term. A larger loan or higher rate increases payments, while a longer term decreases them but increases total interest.
How can I reduce total interest paid?
You can reduce total interest by choosing a shorter loan term, making extra payments, or refinancing at a lower interest rate. Even small extra payments can save significant money over the life of the loan.
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