About Loan Calculator
Comprehensive loan payment calculator supporting multiple loan types, payment frequencies, and early payoff analysis. Make informed borrowing decisions with detailed amortization schedules.
Common Use Cases
Personal loan payment calculations
Auto loan comparison shopping
Business loan planning and analysis
Debt consolidation calculations
Early payoff strategy planning
Budget planning and forecasting
Examples & Demonstrations
Standard personal loan calculation
Input:
$20,000 personal loan at 8% for 5 years
Output:
$405/month payment, $4,311 total interest
Payment frequency comparison
Input:
$25,000 auto loan with biweekly payments
Output:
Save $800+ in interest vs monthly payments
Extra payment impact analysis
Input:
$15,000 loan with $50 extra payment
Output:
Pay off 1.5 years early, save $1,200
Tips & Best Practices
Compare multiple loan offers before deciding
Consider biweekly payments to save interest
Factor in all fees when comparing total costs
Check your credit score before applying
Consider shorter terms for lower total interest
Calculate the impact of extra payments
Related Tools
Frequently Asked Questions
How do I calculate my monthly loan payment?
Monthly payment is calculated using the loan formula: M = P × [r(1+r)^n] / [(1+r)^n – 1], where M is monthly payment, P is principal, r is monthly interest rate, and n is number of payments.
What's the difference between different payment frequencies?
Monthly payments (12/year) are standard. Biweekly payments (26/year) result in one extra payment per year, reducing total interest. Weekly payments (52/year) provide even greater interest savings.
How much can I save with extra payments?
Extra payments go directly toward principal, reducing both loan term and total interest. Even small extra payments can save thousands in interest and years off your loan term.
What factors affect my loan interest rate?
Interest rates depend on credit score, loan type, loan term, down payment, debt-to-income ratio, and current market conditions. Better credit typically means lower rates.
Should I choose a shorter or longer loan term?
Shorter terms have higher monthly payments but lower total interest costs. Longer terms have lower monthly payments but cost more in total interest. Choose based on your budget and financial goals.
Why Choose Loan Calculator?
Our loan calculator stands out from other online tools with its precision, speed, and user-friendly interface. Built by engineers for professionals, students, and everyday users, it provides accurate results instantly without requiring any software installation or registration.
With robust error handling, multiple format support, and responsive design, this tool works seamlessly across all devices and browsers. Trust ConvertLarge for all your conversion and calculation needs.
Loan Calculator
Calculate monthly payments, total interest, and amortization schedules for personal loans, auto loans, business loans, and more. Compare different loan terms and analyze early payoff options.
Loan Details
Typical rates: 6-36% | Terms: 2-7 years
Early Payoff Options
Optional: Add extra amount to each payment to pay off loan faster
Enter Loan Details
Fill in your loan information to calculate payments and view detailed analysis.
Understanding Your Loan
Monthly Payments
Fixed amount you pay each month covering principal and interest
Principal vs Interest
Early payments are mostly interest, later payments are mostly principal
Early Payoff
Extra payments toward principal reduce total interest and loan term
Important Loan Disclaimer
This calculator provides estimates for educational purposes only. Actual loan terms, rates, and payments may vary based on credit score, income, loan-to-value ratio, and lender requirements. Additional fees, insurance, and other costs may apply. Always read loan terms carefully and consult with qualified financial professionals before making borrowing decisions.