General Questions
What is a loan calculator?
A loan calculator is a simple tool that helps you estimate your monthly payments on a loan.
How does this loan calculator work?
You enter the total loan amount you want to borrow, the annual interest rate, and the number of years you have to pay it back. When you click “Calculate,” it shows you an estimate of your monthly payment.
Is this an EMI calculator?
Yes, this calculator estimates your Equated Monthl which is the fixed payment you make to the lender each month
Can I use this for an auto loan (car loan)?
Yes, you can use this for a basic auto loan estimate. However, this calculator does not include extra costs like taxes, registration fees, or a trade-in value.
Can I use this as a home loan or mortgage calculator?
This tool gives a very simple payment estimate for a mortgage. It does not include other costs that are often part of a mortgage payment, like property taxes, homeowners insurance, or Private Mortgage Insurance (PMI)
Can I use this for a personal loan or business loan?
Yes, this calculator is well-suited for estimating payments on most simple-interest personal loans, business loans, or UTV/RV/boat loan
Does this calculator show how to pay off my loan early?
No, this is a simple calculator for estimating your basic monthly payment. It does not calculate the effect of extra payments or an early payoff.
Can I use this to calculate loan refinancing?
This tool is not specifically designed for refinancing. It can only calculate the payment for a new loan based on the amount, rate, and term you enter.
Does this calculator provide an amortization or repayment schedule?
No, this tool provides the estimated monthly payment only. It does not create a full schedule that breaks down your principal and interest payments over time.
Does this calculator use my credit score?
No. Your credit score affects the Annual Interest Rate (%) a lender will offer you. You must enter the interest rate you expect to receive.
Does this calculate my Loan-to-Value (LTV) ratio?
No, this tool only calculates your estimated monthly payment. It does not calculate your LTV ratio.