Loan Calculator

The Loan Calculator helps you understand the true cost of borrowing money. Calculate monthly payments, total interest, and see how extra payments can save you thousands of dollars over the life of your loan.

Features:

• Multiple Payment Frequencies - Monthly, bi-weekly, or weekly payments
• Extra Payment Analysis - See savings from additional payments
• Amortization Schedule - Detailed payment breakdown over time
• Total Cost Analysis - Compare different loan scenarios
• Payoff Date Calculation - Know exactly when you'll be debt-free

Loan Types:

• Mortgages and home loans
• Auto loans and vehicle financing
• Personal loans and credit lines
• Student loans and education financing
• Business loans and equipment financing

Key Concepts:

• Principal: The original loan amount
• Interest Rate: Annual percentage rate (APR)
• Term: Length of time to repay the loan
• Amortization: Process of paying off debt over time
• Extra Payments: Additional payments toward principal

Tips for Borrowers:

• Compare rates from multiple lenders
• Consider shorter terms to save on interest
• Make extra payments toward principal when possible
• Understand all fees and closing costs
• Check your credit score before applying