🏠 Loan Calculator
Calculate monthly payments and total interest for loans.
Frequently Asked Questions
How is the monthly payment calculated?
How is the monthly payment calculated?
Monthly payments are calculated using the standard loan formula that considers principal, interest rate, and loan term. The formula ensures equal payments over the loan period.
What's included in the monthly payment?
What's included in the monthly payment?
The calculated payment includes principal and interest only. It doesn't include taxes, insurance, or other fees that might be part of your actual payment.
How accurate are these calculations?
How accurate are these calculations?
The calculations are mathematically accurate based on the inputs provided. However, actual loan terms may vary based on credit score, lender policies, and other factors.
Can I pay extra toward the principal?
Can I pay extra toward the principal?
Most loans allow extra principal payments, which can significantly reduce the total interest paid and shorten the loan term.