Loan Payment Calculator
Calculate monthly payments for any loan amount. See total interest and compare different loan terms.
Monthly Payment
Total Payment
Total Interest
How to Use This Calculator
1. Enter the loan amount you want to borrow
2. Enter the annual interest rate
3. Enter the loan term in years
4. View your monthly payment and total interest cost
The Formula
The loan payment formula is: M = P[r(1+r)^n]/[(1+r)^n-1]
Where:
- M = Monthly payment
- P = Principal (loan amount)
- r = Monthly interest rate (annual rate / 12)
- n = Total number of payments (years x 12)
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