What is the Loan Calculator?
The loan calculation tool is your easy online way to calculate loan-related values, including loan amounts, interests, and monthly payments. These amounts will help you issue loans to people. Plus, you can use these values to keep individual records of dues.
You must enter the loan amount, loan term in months, and the yearly interest rate and click the calculate button. The application will do the rest for you.
When calculating loan amounts, interest, etc., the calculations need to be precise. Manually calculating these can cause significant errors. The loan calculator is a fast and easy way to calculate monthly payments, the total cost of the loan, and the total interest. This tool we will learn about this tool and how it works.
Features of the Loan Calculator
This Loan calculation application offers a few valuable features that make it very handy. Let’s see them below.
This online application offers a simple format, making it easy to understand for everyone. There are no complex buttons or input boxes, so even a beginner can benefit from it.
Increment and decrement buttons:
You can use these buttons to increment or decrement the values of the input boxes. It is helpful, especially if you have entered the wrong amount. Then you won’t have to press backspace in the EMI Calculator and enter the values again.
Three handy buttons:
There are three buttons available in this tool. Let’s see them below.
The copy symbol:
There is a copy symbol in each output box – monthly payments, the total cost of the loan, and total interest. You can use these buttons to copy the output to the clipboard. Then, you can paste it for further calculations or paste it into a file to save on your computer.
How to use the Loan Calculator?
Using this tool is very easy. As we mentioned above, even a beginner can use it to calculate loan-related values, including monthly payments, the total cost of the loan, and total interest. All you have to do is follow these steps.
- Enter the loan amount in input box 1.
- Enter the loan term in months in input box 2.
- Enter the interest rate per year in input box 3.
- Click the calculate button of the Loan Interest Calculator.
The calculator will give you accurate values of the total cost of the loan, monthly payments, and real interest based on the values you provided. You may also press sample or reset buttons if needed.
For example: Suppose you entered the following input.
- Loan amount: 12000.
- Loan term in months: 12.
- Interest rate per year: 10.
Then, you will obtain the following result.
- Monthly payments: 1054.99.
- The total cost of loan: 12659.88.
- Total interest: 659.88.
Please note that all these amounts are calculated in dollars, and the input is received in dollars.