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Loan Calculator
Calculate monthly payments and total interest from loan amount, rate, and term.
💡 How to Use
Enter the loan amount, annual interest rate (%), and repayment term (months), then click 'Calculate' to instantly see the monthly payment and total interest paid. Calculations use the equal principal-and-interest (annuity) method, which matches the standard structure of most mortgages and personal loans. Try different rates and terms to compare scenarios — this helps when negotiating loan conditions with a bank. Useful for planning home purchases, car financing, jeonse (Korean lease deposit) loans, and more.
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FAQ
Which is better: equal payment or equal principal?▼
Equal principal has less total interest but higher initial payments. Choose equal payment for stable monthly bills, or equal principal to minimize total interest.
Can I save on interest by prepaying?▼
Yes. Paying off principal early reduces interest for the remaining period. However, check for prepayment penalties (usually 1-2%).
Should I choose a fixed or variable rate?▼
Fixed rate is better when rates are rising, variable when falling. For long-term loans (10+ years), fixed is safer. For short-term, variable is fine.