Loan Calculator
| Loan Amount | $5,000.00 |
|---|---|
| Number of payments | 60 |
| Total interest | $869.84 |
| Total of 60 loan payments | $5,869.84 |
Amortization Schedule
| Year | Total Payments | Principal | Interest | Ending Balance |
|---|
Calculate monthly payments, total interest, and payment schedules for mortgages, auto loans, personal loans, and other financing options.
Understanding Loan Calculations
The loan calculator is an essential tool for anyone considering borrowing money or comparing different loan options. It helps you understand the true cost of borrowing by showing not just your monthly payment, but also the total amount you'll pay over the life of the loan and how much of that goes toward interest.
Home Buying: When shopping for a mortgage, use this calculator to determine what monthly payment fits your budget. Input different loan amounts, interest rates, and terms to see how each affects your payment. This helps you understand how much house you can afford and whether a 15-year or 30-year mortgage makes more sense for your situation.
Auto Financing: Car buyers can compare financing options from different lenders, determine the impact of different down payment amounts, or decide between buying and leasing. The calculator shows how a lower interest rate or shorter loan term can save thousands in interest payments.
Personal and Business Loans: Whether you're consolidating debt, funding a home improvement project, or financing business equipment, this calculator helps you evaluate loan offers and plan your budget. Understanding the total cost helps you make informed decisions about whether to borrow or save up for major purchases.
Financial Planning: Use the calculator to model different scenarios - what happens if interest rates change, how extra payments affect the loan term, or how different loan amounts impact your monthly budget. This forward-thinking approach helps you choose loans that align with your long-term financial goals.