Loan Calculator
Calculate monthly payments and total interest for loans.
About Loan Calculator
Calculate your loan payments using the standard amortization formula. This helps you understand the true cost of borrowing and plan your finances accordingly.
What Is This Tool?
Our loan calculator computes your monthly payment, total repayment amount, and total interest paid for any loan. Enter the principal, annual interest rate, and loan term, and get an instant amortization breakdown. It works for mortgages, auto loans, personal loans, and student loans.
How to Use
- Enter the loan amount (principal) in the first field.
- Enter the annual interest rate as a percentage.
- Enter the loan term in months or years.
- View the monthly payment, total payment, and total interest instantly.
- Scroll down to see the full amortization schedule if needed.
Common Use Cases
- Planning a mortgage and comparing different loan terms
- Evaluating auto loan options before visiting a dealership
- Understanding how much interest you'll pay over the life of a personal loan
- Comparing the impact of different down payment sizes
Tips & Tricks
- Shorter loan terms mean higher monthly payments but significantly less total interest.
- Even a 0.5% lower interest rate can save thousands over a long mortgage.
- Extra monthly payments toward the principal reduce total interest and shorten the loan term.
Frequently Asked Questions
What formula does the loan calculator use?
It uses the standard fixed-rate amortization formula, which calculates a monthly payment amount such that equal payments over the loan term fully repay both principal and interest.
What's the difference between the monthly payment and the total interest shown?
The monthly payment is what you pay each period; total interest is the sum of all interest portions across every payment for the life of the loan, shown separately from the total repayment amount.
Can I use this for a mortgage as well as a car loan?
Yes. The math is the same for any fixed-rate installment loan — mortgages, auto loans, personal loans, or student loans — as long as you have the principal, rate, and term.
Does the calculator show a full amortization schedule?
Yes. Scroll below the summary results to see a month-by-month or year-by-year breakdown of how much of each payment goes to principal versus interest.
Is my financial information sent to a server?
No. All amortization math runs locally in your browser — your loan amount, rate, and term are never transmitted anywhere.
Calculate loan payments, total interest, and amortization schedules. Free mortgage and loan calculator for personal loans, auto loans, and mortgages.
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