Interest on Loan Calculator Excel

Interest on Loan Calculator

Calculate the total interest on your loan and monthly payments.

Loan Amount ($) Annual Interest Rate (%) Loan Term (Years) Monthly Payment ($) Total Interest Paid ($)

This interest on loan calculator allows you to calculate monthly payments and total interest for any loan amount, interest rate, and loan term.

Formula

Monthly Payment = Loan Amount × [Interest Rate / 12] / [1 – (1 + Interest Rate / 12) ^ -Loan Term (Months)]
Total Interest = (Monthly Payment × Loan Term (Months)) – Loan Amount

Example Calculation

Loan Amount: $10,000, Annual Interest Rate: 5%, Loan Term: 10 years → Monthly Payment = $106.07, Total Interest Paid = $2,728.46.

Why It Matters

Understanding how much interest you will pay can help you plan your budget and potentially save money by refinancing or adjusting your loan terms.

function calculateLoanInterest(){ const loanAmount = parseFloat(document.getElementById(“loanAmount”).value); const annualInterestRate = parseFloat(document.getElementById(“annualInterestRate”).value) / 100; const loanTerm = parseInt(document.getElementById(“loanTerm”).value); if (isNaN(loanAmount) || isNaN(annualInterestRate) || isNaN(loanTerm) || loanAmount <= 0 || annualInterestRate <= 0 || loanTerm el.value = “”); }