Loan Calculator by MondayTools
SmallSEOTools’ loan calculator is a web-based utility designed to help people compute the total payable amount in their specified payment frequencies. The loan payment calculator runs on smart algorithms that calculate loan instalments on your behalf and displays results in seconds. It just asks the users to enter their loan specifications; you don’t need to go through any manual procedure to use this online loan repayment calculator.
How to Use this Loan or Credit Calculator?
The usage of our loan calculator depends upon what you look forward to calculating through it. The loan payment calculator comes with 4 different modes and helps you calculate the values and amounts without errors. The easy-to-follow instructions below can help you use this calculator to calculate the results you’re looking for.
Find the Payment Amount
Choose the “find the monthly payment” calculation from the drop-down menu of modes.
Enter the loan amount.
Add the interest rate.
Choose the number of months.
Hit the calculate button.
How Does it Work?
This mode of the calculator works on the following formula:
PMT = Monthly Payment
i = Interest Rate
PV = Loan Amount
n = total number of months
Find the Loan Amount
Choose the “find the loan amount” calculation from the list of given modes.
Type the interest rate.
Add the number of months in the next field.
Enter the monthly payment that needs to be paid.
Click the calculate button to find the loan amount.
How Does it Work?
PMT = Monthly Payment
i = Interest Rate
PV = Loan Amount
n = total number of months
The loan amount can be calculated with this formula. Instead of entering amounts manually in this formula and using a calculator, you can rely on our online loan calculator to find the loan amount in an instant.
Find the Interest Rate
Select the “find the interest rate” calculation from the given modes.
Enter the loan amount.
Choose the number of months.
Choose the number of months.
Hit the calculate button to find the interest rate.
How Does it Work?
To work out this mode and find the interest rate, our calculator runs the Newton-Raphson method. This method runs on a root-finding algorithm that uses the first few iterations of the Taylor series expression, i.e., f(x).
Find the Number of Payments
Select the “find the number of payments” calculation mode.
Add the loan amount.
Type the interest rate.
Enter the per-month payment.
Hit the calculate button to find the number of payments.
How Does it Work?
PMT = Monthly Payment
i = Interest Rate
PV = Loan Amount
n = total number of months
How to Estimate Loans?
The estimation of loans is based on certain factors, which include the following:
Loan Amount
A loan amount is an amount that an individual, group of people, or company borrows from a financial institute.
Loan Term
The loan term is the time in months or years in which the loan amount needs to be repaid by the borrower to the financial institution that has issued the loan.
Interest Rate
Interest rate is a proportion of the loan amount charged additionally by a financial institute from the borrower. It’s a percentage representation of the loan amount that is typically charged every year.
Compounding
Compounding is the process in which the interest is credited to the principal loan amount and the paid amount of interest. It is generally depicted as an interest on interest.
Monthly Payment
Monthly payment is the amount that needs to be paid against the loan you have borrowed until the loan is cleared.
Disclaimer: Loan Calculator
The calculations made through this loan calculator aren’t based on or related to any financial institute or bank. The credit calculator is based on the formula used all over the globe to calculate loan specifications. The actual amount of the loan, interest rate, monthly payments, and total instalments may vary depending on the bank or institute you will borrow money from. The aim of this calculator is to help you find the estimated value of a loan, the number of instalments, the repayable amount per month, and the interest rate. Its results are entirely based on your submitted values; hence, it cannot be held responsible in case of any variations in the actual terms of the financial institute.
