Loan Calculator lets you determine any value for a particular loan if you have the remaining three values. Calculate for simple interest or compound interest.
If you are calculating compound interest you can switch between Daily, Monthly, or Yearly compounding periods. See the list below for descriptions of these values.
- Principal Amount: The original amount of the loan before interest starts accruing.
- Interest Rate (%/Year): Also known as Annual Percentage Rate (APR), this is the rate at which interest will accrue on your loan.
- Term (Years): The amount of time you have to pay off the loan in years.
- Monthly Payment: The amount you will pay each month until your loan is paid off.
- Total Payment Amount: The total amount that you will end up spending after interest has accrued and your loan is paid off.