About This Tool
The Loan Calculator helps you estimate monthly payments, total interest and total repayment amount for any fixed-rate loan based on principal, interest rate and term.
Frequently Asked Questions
What formula does this calculator use?
It uses the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where P is principal, r is monthly interest rate, and n is number of payments.
Does this include taxes or insurance?
No, this calculates principal and interest only. For mortgages with taxes and insurance, see our Mortgage Calculator.
Can I use this for any currency?
Yes, the calculator is currency-agnostic — just enter the numeric values in your local currency.