Easy Loan Calculator for
Calculating Monthly Payments

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Help you determine the monthly payment and interest costs of a loan, and show you the number of hours you will need to work to pay the interest.

This easy loan calculator will help you to quickly calculate the monthly payment and total interest cost for an amount of money you are looking to borrow.

Borrower Be Aware

Have you ever ran across a simple loan calculator on a creditor website that calculates how many hours you will need to work in order to repay a loan? Of course not.

That's because creditors are trying to sell you a loan. And in attempting to do so, they are going to paint all kinds of pretty mental images showing you how much better your life is going to be once you are approved for the loan.

Of course, the last thing creditors want you to be aware of is the sacrifice, remorse, and stress you might endure throughout the loan repayment period. As with any other purchase decision, it is your job to find out what the creditor (seller) is leaving out of their sales presentation.

If you are using the borrowed money to purchase something that will wear out or become obsolete, will you still be as happy with your decision when you are making the 30th payment? Those are the types of questions you should be asking yourself when you consider borrowing from your future income (plus interest).

Please don't let creditors continue to pull the wool over your eyes. Stop to think about what you are giving up in exchange for loan.

Don't just think about how nice it will be to have what the borrowed money will buy, but also consider how many hours you will need to work in order to earn the after-tax, after-work-related-expense income to repay the loan (if you're fortunate enough to still have a job, that is).

With that, let's use the easy loan calculator to calculate your monthly payment, the total interest cost, and the number of hours you will need to work to repay the loan.

Calculate Loan Payment and Interest Cost
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Instructions: Enter the principal, interest rate, and number of years, then click on the "Calculate Monthly Payment" button.

Mouse over the blue question marks for a further explanation of each entry field. More in-depth explanations can be found in the glossary of terms located beneath the Simple Loan Calculator.

Help Principal:
Help Interest rate:
Help Loan term years:
Help Real hourly wage (optional):
Monthly payment:
Total Interest:

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Principal: The dollar amount you are borrowing, or have borrowed.

Interest Rate: The annual percentage rate the lender charges for borrowing the money. Each month the lender multiplies the principal balance owed by 1/12th of the annual percentage rate. This amount is then deducted from the payment amount. The amount remaining after the interest charge is deducted is the amount of your payment that will be used to reduce the principal amount owed.

Loan Term: The amount of time the repayment will last. The longer the term, given the same interest rate and principal, the more interest you will pay. Try adjusting the term to a longer term and watch what happens to the "Total Interest."

Monthly Payment: The amount you will need to pay each month in order to pay off the loan by the end of the agreed upon term. A portion of each payment is deducted for the lender's money rental fee, and the remainder will be used to reduced the amount you owe.

Total Interest: This is the total amount of interest you will pay over the life of the loan. Now be honest, is there anything else you can think of that you would rather spend that amount of money on?

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