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💰 Loan Calculator

A simple and powerful tool to calculate loan payments, interest, and schedules with optional extra payments and compound interest.

🚀 Features

• Calculate monthly payments based on principal, interest rate, and term
• Supports extra monthly payments to reduce total interest
• Handles different compounding frequencies: monthly, quarterly, annually
• Output includes total interest paid, total payment, and payment schedule
• Optional currency symbol for results
• Easy integration into APIs, scripts, or automation pipelines

📥 Input Schema

⚙️ How It Works

📊 Monthly Payment Formula

For standard loans without extra payments:

r = monthly interest rate = annualRate /12/100
n = termMonths
payment = principal *(r *(1+ r)^n)/((1+ r)^n -1)

• Extra monthly payments reduce total interest and shorten the loan term.
• Compounding frequency adjusts how interest accrues over time.

🧮 Example

Input

{
"principal":10000,
"annualRate":5,
"termMonths":24,
"extraPayment":50,
"currency":"$",
"compoundFrequency":"monthly",
"startDate":"2026-03-01"
}

Output

{
"monthlyPayment":438.71,
"totalPayment":10497.00,
"totalInterest":497.00,
"schedule":[
{"month":1,"payment":438.71,"principalPaid":396.04,"interestPaid":42.67,"balance":9603.96},
 ...
]
}

🏗️ Use Cases

• Personal finance planning
• Loan calculators for banks or fintech apps
• Integration into web apps or dashboards
• API automation for loan comparison or analysis

⚡ Notes

• extraPayment is optional and can accelerate payoff
• compoundFrequency affects interest calculation; monthly is standard
• startDate defaults to the current date if empty

📄 License

MIT License