Loan Calculator - Calculate EMI, Interest & Total Repayment Instantly
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Loan Calculator
This loan calculator helps you estimate your monthly loan payments based on the loan amount, interest rate, and loan term. It also allows you to include extra payments, property tax, insurance, and other fees for a more accurate calculation. this calculator can be used for mortgage calculations, personal loans, auto loans, and other loan types.
Monthly Payment: 0
Frequently Asked Questions (FAQ)
1. What is this loan calculator used for?
This loan calculator helps users estimate their monthly loan payments based on the loan amount, interest rate, and loan term. It also allows for additional considerations like extra payments, property tax, insurance, and other fees.
2. How do I use this loan calculator?
To use the calculator, follow these steps:
- Enter the loan amount.
- Input the annual interest rate.
- Specify the loan term and select either "Years" or "Months."
- Optionally, add extra monthly payments, property tax, insurance, and other fees.
- Click the "Calculate" button to view the estimated monthly payment.
- Use the "Reset" button to clear all input fields.
3. What happens if I enter invalid values?
You must enter the following mandatory fields:
- Loan Amount
- Interest Rate (% per year)
- Loan Term
If these fields are left empty or contain invalid values, an alert will prompt you to enter valid information.
4. Can I enter additional costs like insurance and property tax?
Yes, you can include extra costs such as:
- Extra monthly payment
- Property tax (per year)
- Insurance (per year)
- Other fees (HOA, etc., per year)
- PMI (Private Mortgage Insurance)
- These costs will be factored into the total monthly payment.
5. How does the PMI (Private Mortgage Insurance) calculation work?
PMI is included in the monthly payment only if the loan amount is more than 80% of the property price. The formula for PMI is: PMI = (Loan Amount × PMI Rate) / 12
6. How is the monthly loan payment calculated?
M = (P × r) / (1 − (1 + r)⁻ⁿ)
Where:
- M = Monthly loan payment
- P = Loan amount
- r = Monthly interest rate (Annual interest rate / 12)
- n = Total number of payments (Loan term in months)
7. What happens if I enter a zero or negative value?
If you enter a zero or negative value for the Loan Amount, Interest Rate, or Loan Term, the calculator will display an error message asking for valid inputs.
8. What is the effect of extra payments on my loan?
Adding extra payments each month can help reduce the total interest paid over time and shorten the loan term.
9. Can I reset the calculator after entering values?
Yes, clicking the "Reset" button will clear all input fields and reset the monthly payment to 0.
10. Is this calculator suitable for mortgage calculations?
Yes, this calculator can be used for mortgage calculations, personal loans, auto loans, and other loan types.