Loan Calculator

A loan is a contract between a borrower and a lender in which the borrower receives an amount of money (principal) which he is obligated to pay back later. Thousands of loans have been invented since its creation. By the way of payback, most loans can be categorized into the following:

  1. Pay back a fixed amount periodically, until it matures. Many consumer loans fall into this category, such as mortgages, auto loans, student loans, etc.
  2. Pay back everything in the end—in other words, when the loan matures, the borrower is obligated to pay the principal plus interest back to the lender in one bulk payment. Many commercial loans fall into this category.
  3. Pay back a fixed amount (the face value for bond) in the end—for example, when the loan matures, the borrower pays a fixed amount back to the lender. At the outset, the borrower receives the fixed amount minus the interest. Most bonds fall into this category.

The following calculators address these three categories. We also have specialized mortgage calculator, auto loan calculator, and lease calculator.

Calculator for Paying Back a Fixed Amount Periodically

Use this calculator for calculating mortgages, auto loans, and student loans, etc.

Loan Amount$
Loan Term  years
   months
Interest Rate  %
Compound 
Pay Back 

Results:

Payment Every Month  $1,110.21
Total of 120 Payments  $133,224.60
Total Interest  $33,224.60


Calculator for Paying Back Altogether in the End

Loan Amount$
Loan Term  years
   months
Interest Rate  %
Compound 

Results:

Pay Back Amount when Mature  $179,084.77
Total Interest  $79,084.77


Calculator for Paying Back a Fixed Amount in the End

Use this calculator for calculating bonds or other related financial products.

Pay Back Amount$
Loan Term  years
   months
Interest Rate  %
Compound 

Results:

Amount the Borrower will Receive
When the Loan Start:
  $55,839.48
Total Interest  $44,160.52

Interest Rate

An interest rate is the percentage of money paid by a borrower to the lender for the use of money. For most loans, the interest is added to the principal so that the interest that has been added also earns interest. Normally loan interest was expressed in APR, which is the interest rate compounded monthly. The normal rate published by banks or APY is the interest rate compounded annually.