Simple Loan Calculator
This loan calculator can be used to calculate your monthly payment along with the total interest you will pay on the loan. To use this calculator, enter in the loan amount, the interest rate, and the number of years or months you will be paying off the loan. This calculator assumes the interest compounds monthly.
Most people will take out a loan at some point in their lives. A simple loan is when you borrow a sum of money from the lender and, in exchange, agree to repay the amount plus interest over a specific period of time. Loans can be acquired from financial institutions or individuals—and can be used for a variety of purposes, such as for the purchase of a car or a home, to start a business, or to consolidate other debts into one.
Understanding your simple loan calculator results
Monthly payment: This is how much you will pay toward your loan each month. It includes principal and interest repayment.
Total interest paid: The interest amount you’ll pay over the lifetime of the loan depends on the interest rate. Interest rates for solar loans usually range from 6% to 36%. Your credit score, income, existing debt, and other factors determine what interest rate you get. People with high credit scores and little debt often get the lowest interest rates.
Total principal paid: This is the original loan amount.
Total repaid: This is the amount you’ll pay by the end of the loan, which includes the loan principal and interest.