Our personal loan calculator is a powerful tool that can help you understand the financial details of your loan.
By entering the loan amount, annual interest rate, loan period in years, and start date of the loan, you can see how your loan will amortize over time.
The calculator will provide you with a detailed breakdown of your loan, including the monthly payments, the amounts applied to principal and interest, and the beginning and ending balance after each payment.
You can also see the total interest paid over the life of the loan.
With this information, you can make an informed decision about your loan, and create a budget that works for you.
- Loan amount:
- The total amount of money borrowed.
- Annual interest rate:
- The percentage of the loan amount that is charged as interest each year.
- Loan period in years:
- The length of time over which the loan will be repaid.
- Start date of loan:
- The date on which the loan is funded.
- Monthly payment:
- The fixed amount of money that is paid back to the lender each month until the loan is fully repaid.
- Number of payments:
- The total number of payments made over the life of the loan.
- Total interest:
- The total amount of interest that will be paid over the life of the loan.
- Total cost of loan:
- The total amount of money that will be paid over the life of the loan, including both principal and interest.
- Pmt No.:
- The number of the payment, usually in sequential order.
- Payment Date:
- The date on which the payment is due.
- Beginning Balance:
- The outstanding balance on the loan before the payment is made.
- The amount of the payment that is made on the due date.
- The portion of the payment that goes towards paying down the principal balance of the loan.
- The portion of the payment that goes towards paying the interest on the loan.
- Ending Balance:
- The outstanding balance on the loan after the payment is made.