# Loan calculator

The universal credit calculator from the AllCredits company, offered to our visitors, is a formalized calculation method generally recognized by all banks and credit companies. With our loan calculator you can calculate the total loan amount and the monthly payment.

### For the calculation you need:

• Select the currency in which you are going to take out a loan.
• In the corresponding field, enter the estimated loan amount, or this can be done using the slider.
• In the next block mark the period you are going to be credited for. This can also be done either with the sliders, or you can enter the number of months of the desired lending.
• And the last one is to set the effective annual interest rate on the loan.
• In response, you receive the total amount that you will have to repay and the amount of monthly payments on the loan.

### Note that this calculator:

• Calculates loans that are repaid in equal monthly installments.
• Does not include additional costs of servicing the loan.
• Does not personally take into account your credit history, on which the interest rate depends.
• Does not include all kinds of additional risks that each lender determines independently.
• Does not include possible other loopholes used by dishonest creditors.

100 100000
1 180
0 1000

### How the calculator works:

For example, let's take a loan of 3000 euros for 18 months with an annual interest rate of 15%.
Calculate the monthly interest rate = 15% / 12 = 1,25% / 100 = 0,0125
The monthly payment is calculated using the formula = 3000 * (0,0125 * (1 + 0,0125)18 / ((1 + 0,0125)18 − 1)) = 187.15 евро.
The total loan amount is calculated using the formula = 3000 * (0,0125 * (1 + 0,0125)18 / ((1 + 0,0125)18 − 1)) * 18 = 3368.78 евро.

### Conclusions:

• If the total loan amount on the calculator is less than 10% than the lender offers, then you should think about it and recalculate everything.
• If the amount on the calculator is less than 15-20%, then you should immediately refuse such a loan.
• If the amount on the calculator is more than 5%, then everything should be recalculated many times, because no one will work at a loss. It means you are being involved into some financially dark scheme. As you know, free cheese is only in the mousetraps.