So you’re considering applying for a loan — perhaps a new car, some home improvement project or debt consolidation — but wish the process wasn’t such an ordeal. At a minimum, lenders are supposed to disclose these costs, but typically only the final monthly payment is presented rather than a full cost and benefit analysis of how much money you will pay in interest versus principal.
The first step toward smart borrowing is to have a clear picture of the entire financial pie. Our 100% Free Online Loan Calculator can help you calculate the total cost of any loan or how much your monthly payment are!
Getting The Real Cost of Borrowing
The loan term (how long you’ll pay) and interest rate are big ones. A loan calculator allows you to run the numbers:
- Interest vs. Principal: When you first begin making loan payments, the majority of your payment should be applied to interest. Our tool makes this fork in the road easy for you to see — and illuminates how speeding up your payments can save you thousands.
- Compare offers: You can enter in multiple loan offers (with amounts, rates and terms) to find the cheapest possible option before you make a decision.
- Affordability: Compare if extending the loan term makes monthly payments affordable or if a larger down payment can reduce total interest.
Some of the highlights from our free loan calculator include:
We offer sophisticated financial analysis cost free.
- Immediate Monthly Payment Calculation: Enter the Principal Amount, the Interest Rate and number of Years, you will get ideas of your monthly payment promptly.
- Detailed Amortization Schedule: This is the game changer. Our calculator creates a schedule that also lists the loan’s balance after each payment is made and before the next one has been taken out of your account, along with total interest paid. You can follow the balance declining by month.
- Gross Interest Paid Summary: Look at the bottom line. The calculator presents a clear view of the total interest you will pay over the life of your loan, making it easier to see how much you really need.
- Custom inputs: Enter information about any type of loan – including personal loans, auto loans and student loans. It is flexible enough to permit full personal financial planning.
- Clean, Visual Data: Data is made easy to read in charts and tables that allow for complex financial stats to be seen in a manner than everyone can understand.
Never sign a loan without knowing the cost. Visit our Free Loan Calculator and budget better, and borrow with confidence.