A loan calculator is a useful tool for determining the estimated monthly payments and total cost of a loan. It is typically used by borrowers to understand the financial implications of borrowing money.
The loan calculator requires the borrower to input certain information about the loan, such as the amount of the loan, the interest rate, and the term (the length of time over which the loan will be repaid). With this information, the loan calculator can calculate the monthly payment and total cost of the loan.
Some loan calculators may also include additional features, such as the ability to compare different loan options or the ability to calculate the impact of making extra payments or paying off the loan early.
Overall, a loan calculator can be a helpful tool for borrowers to make informed decisions about borrowing money and managing their finances.