Question 1

How is the monthly payment calculated?

Accepted Answer

Using the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n – 1], where P is principal, r is monthly rate, and n is number of payments.

Question 2

What is total interest?

Accepted Answer

Total interest is the sum of all interest paid over the life of the loan: (monthly payment × number of months) minus the principal.

Question 3

Does this work for any type of loan?

Accepted Answer

Yes. It works for personal loans, car loans, student loans, or any fixed-rate amortizing loan.

Question 4

Can I see the amortization schedule?

Accepted Answer

The calculator shows monthly payment, total interest, and total cost. For a full amortization table, use a dedicated amortization tool.

Question 5

Is my data stored anywhere?

Accepted Answer

No. All calculations happen in your browser. No data is sent to any server.

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