Does this calculator include extra fees?
No. The payment formula only factors principal and interest. Add any service fees or insurance manually to the monthly payment if needed.
Step-by-step walkthrough
Loan Calculator Guide
Use this companion guide beside the interactive calculator to make sure you understand the “why” behind every click. Each section includes the classroom explanation, student-friendly language, and quick practice prompts.
Before you start
Collect the data points listed below and double-check their units. Keeping an organized “givens” list is one of the fastest ways to reduce math errors and impress exam graders.
- loan
- payment
- interest
- schedule
Detailed procedure
Step 1
Enter the loan amount you plan to borrow.
Step 2
Provide the annual interest rate (APR) and term length in years.
Step 3
Review the payment summary to see monthly cost, lifetime interest, and overall repayment.
Teaching & troubleshooting tips
Can I model bi-weekly payments?
This tool assumes one monthly payment. For alternative schedules, convert the payment plan into an equivalent monthly rate first.