Loan & Interest Calculator
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from $1.00 / 1,000 results
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Loan & Interest Calculator
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
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0.0
(0)
Developer
Jamshaid Arif
Maintained by Community
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1
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0
Monthly active users
4 days ago
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๐ฐ Loan Calculator
A simple and powerful tool to calculate loan payments, interest, and schedules with optional extra payments and compound interest.
๐ 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
๐ฅ Input Schema
| Field | Type | Required | Description |
|---|---|---|---|
principal | number | โ Yes | Principal loan amount (must be > 0) |
annualRate | number | โ Yes | Annual interest rate as a percentage |
termMonths | integer | โ Yes | Loan term in months |
extraPayment | number | โ No | Extra payment applied each month (default: 0) |
startDate | string | โ No | Start date in YYYY-MM-DD format (defaults to today) |
currency | string | โ No | Currency symbol for display (default: $) |
compoundFrequency | string | โ No | How often interest compounds: monthly, quarterly, or annually (default: monthly) |
โ๏ธ How It Works
๐ Monthly Payment Formula
For standard loans without extra payments:
r = monthly interest rate = annualRate / 12 / 100n = termMonthspayment = principal * (r * (1 + r)^n) / ((1 + r)^n - 1)
- Extra monthly payments reduce total interest and shorten the loan term.
- Compounding frequency adjusts how interest accrues over time.
๐งฎ Example
Input
{"principal": 10000,"annualRate": 5,"termMonths": 24,"extraPayment": 50,"currency": "$","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 },...]}
๐๏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
โก Notes
extraPaymentis optional and can accelerate payoffcompoundFrequencyaffects interest calculation; monthly is standardstartDatedefaults to the current date if empty
๐ License
MIT License