Use this calculator to compare different personal loan options and find the best deal for your financial needs. Enter loan amounts, interest rates, and terms to see a side-by-side comparison.
All calculations are based on standard loan amortization formulas. For more details, visit the authoritative source here.
All calculations are strictly based on the formulas and data provided by this source.
Monthly Payment = \(\frac{P \times r \times (1 + r)^n}{(1 + r)^n - 1}\)
Where:
P = Loan principal
r = Monthly interest rate
n = Number of payments
This calculator allows you to compare different loan options based on their interest rates, amounts, and terms to determine which is more cost-effective in the long run.
The interest rate is the percentage charged on the total loan amount that the borrower must pay back, in addition to repaying the principal balance.
The monthly payment is calculated using the loan amortization formula, which takes into account the principal, interest rate, and loan term.
Yes, you can use this calculator for various loan types by inputting the relevant loan details.
Consider the total cost of the loan, including interest, fees, and the flexibility of the repayment terms.