Loan & Mortgage Calculator
Calculate your monthly payments for loans or mortgages.
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Understanding Your Loan Payments
A loan calculator is an essential tool for anyone considering taking on debt, whether it's for a house, a car, or personal reasons. It demystifies the repayment process by breaking down your future financial commitment.
The Formula Used: This calculator uses the standard formula for an amortizing loan: `M = P [ r(1+r)^n ] / [ (1+r)^n – 1 ]`, where P is the principal, r is the monthly interest rate, and n is the number of months. Our tool does this complex math for you instantly.
How to Use: Simply input the total loan amount, the annual interest rate, and the loan term in years. The calculator will show your estimated monthly payment and provide a chart visualizing the total principal versus the total interest you'll pay over the life of the loan.