Loan Calculator

Click here to see the Loan Payment Formula

Click here to see the Loan Payment Formula:
Solved for Monthly Payment
Solved for Principal
Solved for Years

Click here to see the "Total Loan Cost" Formula

Each page has a worked out example.

This loan calculator allows you the option of solving for any of 4 variables - payment, amount, years or rate.
• Click on the variable you don't know
• Input the other 3 numbers
• Click on the "CALCULATE" button
• the answer is then displayed

• It also calculates the "total loan cost" (the sum of all the payments)

Scroll down for 4 loan examples to help familiarize yourself with this calculator.

Do you want to solve for:

or or or

Input should only consist of numbers and decimal points.
Do NOT use commas, dollar signs or per cent signs.
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EXAMPLES

(note: the term "amount" means "principal")

1) You want to borrow $10,000 at 10 per cent interest for 4 years. What is the monthly payment?

ANSWER
Click the PAYMENT button, input the amounts, click calculate and the answer is $253.63 per month.

2) You can afford to pay $900.00 per month for a loan. If the loan is 8% and for 15 years, what is the maximum amount you can borrow?

ANSWER
First click the AMOUNT button, enter the 3 amounts, click calculate and your answer should be $94,176.53.

3) You can afford to pay $1,500.00 per month for a 7% loan of $150,000. How many years do you need to pay off this loan?

ANSWER
Click the YEARS button, input the amounts, click calculate and the answer is 12.543 years.

4) You can afford monthly payments of $1,700.00 for a 30 year loan of $250,000.00. What is the maximum rate you can afford to pay?
ANSWER

Click the RATE button, input the amounts, click calculate and the answer is 7.217 per cent.

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