Simple Loan Calculator
This Simple Loan Calculator allows you to compute the monthly pament on a traditional fixed interest loan as well as as the total interest paid throughout the duration of the loan.
This is useful when comparing loans with different interest rates as a small change in the interest rate makes a substantial difference in the total cost of the loan.
Simple Loan Calculator LegendMonthly Payment: This is the monthly payment that the loan will carry given the input parameters below.
Loan Principal Amount: This is amount of loan that you are requesting. Again, the final figure might be lower if the lender applies any fees towards the loan from the principal amount.
Annual interest rate (APR): This is the interest rate on the loan that your are requesting. Of couse, the lower rate you are able to obtain, the less expensive the loan is. The APR measure is the most widely used measure when comparing loans. In some cases, the stated APR does not include any upfront fees that the lender might charge, such as the origination fee.
Loan Period in Years: The number of years throughout which the loan is amortized.