What is the Loan Payment Calculator?
A: This tool helps you estimate your standard monthly payment for a simple loan.
How do I use the calculator?
A: Enter your total Loan Amount, the Annual Interest Rate (%), and the Loan Term (Years). Press “Calculate” to see your estimated monthly payment.
Can I use this for a car loan, mortgage, or student loan?
A: Yes. This calculator works for any type of loan (like auto, home, personal, or student loans) as long as you have the three required pieces of information.
Does this calculator show how extra payments affect my loan?
A: No. This is a simple calculator that only estimates your regular monthly payment. It does not include features for extra payments, lump-sum payments, or early payoff scenarios.
Does this calculate weekly, bi-weekly, or monthly payments?
A: This calculator is designed to show your estimated monthly payment only. It does not calculate weekly, bi-weekly, or annual payments.
Will this show me an amortization schedule?
A: No. This tool provides the final monthly payment amount but does not display a full amortization schedule (the breakdown of principal vs. interest over time).
What about down payments?
A: This calculator does not have a field for a down payment. For the Loan Amount, you should enter the total amount you plan to borrow after your down payment has been applied.
Does this calculator support balloon payments or interest-only loans?
A: No. This simple calculator only calculates principal and interest payments. It does not support special loan types like interest-only or those with balloon payments.