Loan Calculator

Loan Calculator

Calculate Monthly Payment:

  • Formula: M=P⋅r1−(1+r) −nM = \frac{P \cdot r}{1 - (1 + r)^{-n}} M=1−(1+r)−nP⋅r​
    • MMM: Monthly payment
    • PPP: Loan amount
    • rrr: Monthly interest rate (annual rate divided by 12 and converted to decimal)
    • nnn: Total number of payments (years × 12)

Total Payment and Interest:

  • Total Payment: M×nM \times nM×n
  • Total Interest: Total Payment−P \text{Total Payment} - PTotal Payment−P

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