Loan Calculator
Compute monthly payment, total interest and export your full amortization schedule to Excel for easy budgeting.
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These are approximate figures based on standard banking formulas. Actual payments may vary depending on specific bank terms, the exact disbursement date, and weekend/holiday payment rules.
How to use
- 1
Enter your total Loan Amount in MNT (Tugrik).
- 2
Input the Annual Interest Rate provided by your commercial bank.
- 3
Specify the Loan Term in months.
- 4
Choose the Lending Date.
- 5
The tool automatically calculates your monthly payment and the full amortization schedule.
- 6
Click the 'Download Excel' button to save your full amortization schedule.
Formula
This tool uses the standard Annuity formula for fixed-rate loans: M = P * (r(1+r)^n) / ((1+r)^n - 1), where M is the monthly payment, P is the principal amount, r is the monthly interest rate, and n is the total number of months.
Frequently asked questions
Why is the lending date important?
The lending date (disbursement date) determines exactly when interest begins to accrue and sets the due date for all subsequent monthly installments. Aligning this date with your monthly income or payday can help ensure you always have funds available for repayment.
Are bank service fees included in this calculation?
No, this calculator strictly computes principal and interest. Mongolian banks typically charge an initial loan disbursement fee (often around 1%), which you should factor into your total costs.
What is an amortization schedule?
An amortization schedule is a detailed table showing every single monthly payment for the life of the loan. It breaks down exactly how much of your payment goes toward paying off the interest versus reducing your principal balance.