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Loan & Interest Calculator

Under maintenance

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from $1.00 / 1,000 results

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Loan & Interest Calculator

Loan & Interest Calculator

Under maintenance

A simple and powerful tool to calculate **loan payments, interest, and schedules** with optional extra payments and compound interest.

Pricing

from $1.00 / 1,000 results

Rating

0.0

(0)

Developer

Jamshaid Arif

Jamshaid Arif

Maintained by Community

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0

Bookmarked

1

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0

Monthly active users

4 days ago

Last modified

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๐Ÿ’ฐ Loan Calculator

A simple and powerful tool to calculate loan payments, interest, and schedules with optional extra payments and compound interest.


๐Ÿš€ Features

  • Calculate monthly payments based on principal, interest rate, and term
  • Supports extra monthly payments to reduce total interest
  • Handles different compounding frequencies: monthly, quarterly, annually
  • Output includes total interest paid, total payment, and payment schedule
  • Optional currency symbol for results
  • Easy integration into APIs, scripts, or automation pipelines

๐Ÿ“ฅ Input Schema

FieldTypeRequiredDescription
principalnumberโœ… YesPrincipal loan amount (must be > 0)
annualRatenumberโœ… YesAnnual interest rate as a percentage
termMonthsintegerโœ… YesLoan term in months
extraPaymentnumberโŒ NoExtra payment applied each month (default: 0)
startDatestringโŒ NoStart date in YYYY-MM-DD format (defaults to today)
currencystringโŒ NoCurrency symbol for display (default: $)
compoundFrequencystringโŒ NoHow often interest compounds: monthly, quarterly, or annually (default: monthly)

โš™๏ธ How It Works

๐Ÿ“Š Monthly Payment Formula

For standard loans without extra payments:

r = monthly interest rate = annualRate / 12 / 100
n = termMonths
payment = principal * (r * (1 + r)^n) / ((1 + r)^n - 1)
  • Extra monthly payments reduce total interest and shorten the loan term.
  • Compounding frequency adjusts how interest accrues over time.

๐Ÿงฎ Example

Input

{
"principal": 10000,
"annualRate": 5,
"termMonths": 24,
"extraPayment": 50,
"currency": "$",
"compoundFrequency": "monthly",
"startDate": "2026-03-01"
}

Output

{
"monthlyPayment": 438.71,
"totalPayment": 10497.00,
"totalInterest": 497.00,
"schedule": [
{ "month": 1, "payment": 438.71, "principalPaid": 396.04, "interestPaid": 42.67, "balance": 9603.96 },
...
]
}

๐Ÿ—๏ธ Use Cases

  • Personal finance planning
  • Loan calculators for banks or fintech apps
  • Integration into web apps or dashboards
  • API automation for loan comparison or analysis

โšก Notes

  • extraPayment is optional and can accelerate payoff
  • compoundFrequency affects interest calculation; monthly is standard
  • startDate defaults to the current date if empty

๐Ÿ“„ License

MIT License