A loan calculator is a helpful online tool that allows you to estimate your monthly payments for a loan. By entering details like the loan amount, interest rate, and loan term, you can quickly see how much you’ll need to pay each month. This makes it easier to plan your budget and understand the total cost of borrowing. Using a loan calculator can also help you compare different loan options. You can adjust the interest rates or loan amounts to see how they affect your payments. This way, you can make informed decisions and choose the best loan for your financial situation.