A Loan Calculator is an essential financial tool that helps users estimate their monthly loan payments based on key factors like loan amount, interest rate, and loan term. Whether you're applying for a personal loan, home loan, or car loan, this calculator provides a clear repayment breakdown.

How a Loan Calculator Works

A loan calculator considers the total loan amount, the annual interest rate, and the loan term (typically in months or years) to calculate the monthly payment. Some calculators also include extra payments and fees to provide a more accurate estimate of the total cost of borrowing.

Benefits of Using a Loan Calculator

• Financial Planning – Helps users determine how much they can afford to borrow without straining their budget.
• Comparing Loan Options – Allows users to compare different loan terms and interest rates to find the most suitable option.
• Understanding Interest Costs – Provides a breakdown of how much interest will be paid over the loan duration.
• Early Repayment Strategy – Helps users evaluate the impact of making extra payments to reduce the loan term and interest expenses.