Enter your loan amount, annual interest rate, and term in months. Click Calculate.
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Frequently Asked Questions
How is monthly payment calculated?
M = P x [r(1+r)^n] / [(1+r)^n – 1] where P is principal, r is monthly rate, n is months.
How do I convert years to months?
Multiply years by 12. A 5-year loan = 60 months.
What if I enter 0% interest?
The principal is divided equally across all months.
How can I reduce total interest?
Make extra payments, choose a shorter term, or refinance at a lower rate.
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