{
  "id": "loan-calculator",
  "version": "1.0.0",
  "name": "Loan Calculator",
  "shortName": "Loan",
  "description": "Calculate payment, interest, total cost, and the effect of an optional extra payment.",
  "category": "Finance",
  "categorySlug": "finance",
  "keywords": [
    "personal loan",
    "monthly payment",
    "business loan",
    "debt",
    "amortization"
  ],
  "status": "live",
  "workStatus": "pending",
  "reviewStatus": "pending",
  "migrationStatus": "new",
  "engine": "native",
  "creator": null,
  "reviewer": null,
  "quality": {
    "availability": "live",
    "technicalReviewRecord": "/reviews/loan-calculator.json",
    "qualifiedReview": "pending",
    "qualifiedReviewer": null,
    "qualifiedReviewDate": null,
    "formulaVersion": "1.0.0",
    "referenceCoverage": "references-listed",
    "releaseTestScope": "Flagship reference cases are specified in scripts/test-v20-1.mjs; consult release evidence for executed results.",
    "historicalMetadataDate": "2026-08-18",
    "historicalMetadataNotice": "The imported date is not evidence of a completed human review."
  },
  "urls": {
    "page": "/calculator/loan-calculator/",
    "definition": "/calculator/loan-calculator/definition.json",
    "schema": "/calculator/loan-calculator/schema.json",
    "llms": "/calculator/loan-calculator/llms.txt",
    "legacyDefinition": "/calculator/loan-calculator.json"
  },
  "queryExample": "https://askcalculators.com/calculator/loan-calculator/?amount=25000&annualRate=7.5&years=5",
  "queryParameters": {
    "amount": {
      "label": "Loan amount",
      "type": "money",
      "required": true,
      "default": 25000
    },
    "annualRate": {
      "label": "Interest rate",
      "type": "percent",
      "required": true,
      "default": 7.5
    },
    "years": {
      "label": "Loan term",
      "type": "select",
      "required": true,
      "default": 5
    },
    "extraPayment": {
      "label": "Extra monthly payment",
      "type": "money",
      "required": false
    }
  },
  "inputs": [
    {
      "id": "amount",
      "label": "Loan amount",
      "type": "money",
      "required": true,
      "defaultValue": 25000,
      "min": 1,
      "step": 100,
      "width": "half"
    },
    {
      "id": "annualRate",
      "label": "Interest rate",
      "type": "percent",
      "required": true,
      "defaultValue": 7.5,
      "min": 0,
      "max": 40,
      "step": 0.1,
      "control": "slider-number",
      "width": "half"
    },
    {
      "id": "years",
      "label": "Loan term",
      "type": "select",
      "required": true,
      "defaultValue": 5,
      "options": [
        {
          "label": "1 year",
          "value": 1
        },
        {
          "label": "2 years",
          "value": 2
        },
        {
          "label": "3 years",
          "value": 3
        },
        {
          "label": "5 years",
          "value": 5
        },
        {
          "label": "7 years",
          "value": 7
        },
        {
          "label": "10 years",
          "value": 10
        }
      ],
      "width": "half"
    },
    {
      "id": "extraPayment",
      "label": "Extra monthly payment",
      "type": "money",
      "min": 0,
      "step": 10,
      "help": "Optional",
      "width": "half"
    }
  ],
  "outputs": [
    {
      "id": "monthlyPayment",
      "label": "Scheduled monthly payment",
      "format": "currency",
      "primary": true
    },
    {
      "id": "paymentWithExtra",
      "label": "Payment with extra",
      "format": "currency"
    },
    {
      "id": "totalInterest",
      "label": "Total interest",
      "format": "currency"
    },
    {
      "id": "totalPayment",
      "label": "Total paid",
      "format": "currency"
    },
    {
      "id": "payoffTime",
      "label": "Payoff time",
      "format": "text"
    },
    {
      "id": "interestSaved",
      "label": "Interest saved",
      "format": "currency"
    }
  ],
  "formula": {
    "expression": "M = P × [r(1 + r)ⁿ] ÷ [(1 + r)ⁿ − 1]",
    "variables": [
      {
        "symbol": "P",
        "meaning": "loan principal"
      },
      {
        "symbol": "r",
        "meaning": "monthly rate"
      },
      {
        "symbol": "n",
        "meaning": "monthly payment count"
      }
    ]
  },
  "examples": [
    {
      "label": "Reproducible default-input example (not a personal recommendation)",
      "inputs": {
        "amount": 25000,
        "annualRate": 7.5,
        "years": 5
      }
    }
  ],
  "sources": [
    {
      "label": "CFPB: how paying down a mortgage works",
      "url": "https://www.consumerfinance.gov/ask-cfpb/how-does-paying-down-a-mortgage-work-en-1943/"
    }
  ]
}