Advanced Loan Calculator
Extra Payment: $0.00
Effective Monthly Payment: $0.00
Total Payment: $0.00
Total Interest: $0.00
Loan Term (Months): 0
Loan Calculator Definition
Common Loan Types & Typical Interest Rates
| Loan Type | Typical Interest Rate |
|---|---|
| Home Loan | 3.0-5.0% |
| Auto Loan | 4.0-7.0% |
| Personal Loan | 6.0-36.0% |
| Student Loan | 3.5-7.0% |
| Business Loan | 4.0-12.0% |
| Debt Consolidation Loan | 6.0-19.0% |
| Equipment Loan | 5.0-10.0% |
| Agricultural Loan | 4.0-8.0% |
| Construction Loan | 4.5-9.0% |
| Bridge Loan | 5.0-12.0% |
| Payday Loan | 20.0-50.0% |
| Mortgage Refinancing | 2.5-4.5% |
| Commercial Loan | 5.0-10.0% |
FAQs
Q1: What is a Loan Calculator?
✅ A Loan Calculator is a financial tool that helps you estimate your monthly payments, total payment amount, and interest cost over the life of a loan.
Q2: What inputs do I need?
✅ Typically, you will need the loan amount, the annual interest rate, and the loan term (in years or months). Some calculators also allow you to add extra payments or fees.
Q3: How does extra payment affect my loan?
✅ Extra payments can reduce your loan term and the total interest paid over the life of the loan.
Q4: Can I use the calculator for different types of loans?
✅ Yes, most loan calculators let you switch between different loan types such as home, auto, personal, or student loans to provide more tailored results.
Q5: Are the results provided by a Loan Calculator exact?
✅ The results are estimates and may vary based on additional factors like fees, compounding frequency, and changes in interest rates.