# Loan Calculator

## A free tool to calculate your loans. Check how much you have to pay back and total interest.

## About Loan Calculator

A loan Calculator helps to calculate the interest on a loan, the amount to repay monthly, and the total cost of a loan.

### How to use Loan Calculator

Use this free loan calculator to calculate how much you need to repay monthly and the interest rate.

Here is a break of how to use it.

**Loan Amount:** Input the amount of loan you want to take

**Loan Term In Months: **Input how long you are planning to take to repay the loan in months.

**Interest Rate Per Year:** Popularly called Annual percentage rate (APR), input the amount the lender charges for interest yearly.

Once you have input the above information, click on calculate.

The following will be automatically calculated for you;

**Monthly Payments: **How much you have to pay every month.

**Total Cost of Loan:** The total amount you have to pay back. The loan amount + interest.

**Total Interest: **The total interest you will be charged by the lender.