Loan Calculator Notes

  • Types of Loans

    This calculator works for various installment loans including personal loans, car loans, and student loans. It uses the same amortization formula as mortgages.

  • Formula

    M = P × [r(1+r)n] / [(1+r)n - 1]

    • M = Monthly payment
    • P = Principal (loan amount)
    • r = Monthly interest rate
    • n = Number of months

  • Important Notes

    This calculator provides estimates for simple interest loans. Some loans may have different fee structures or compound differently.

    Always read the full loan agreement and understand all terms before committing to a loan.