Loan Calculator
Calculate monthly loan payments, total interest, and full amortization schedule for any loan amount, rate, and term.
📋 How to Use
- Enter the loan amount (principal) in the first field.
- Enter the annual interest rate (APR) as a percentage.
- Enter the loan term in years (or months).
- Click Calculate to see your monthly payment and total interest.
- Scroll down to view the complete month-by-month amortization schedule.
About This Tool
Loan Calculator — Plan Your Borrowing with Confidence
Understanding the true cost of a loan before signing is essential to sound financial planning. Our Loan Calculator computes monthly payments, total interest paid, and a complete amortization schedule for any type of loan — mortgage, auto loan, personal loan, or student loan.
What You Can Calculate
Monthly payment: The fixed amount you pay each month based on the principal, interest rate, and loan term.
Total interest paid: The cumulative amount paid in interest over the full life of the loan — often the most eye-opening figure.
Total amount paid: Principal plus total interest — the actual cost of borrowing.
Amortization schedule: A month-by-month breakdown showing:
- Payment number
- Monthly payment amount
- Principal portion of each payment
- Interest portion of each payment
- Remaining balance after each payment
The Loan Payment Formula
Monthly payment is calculated using the standard amortization formula:
M = P × [r(1+r)^n] / [(1+r)^n - 1]
Where:
- M = monthly payment
- P = principal loan amount
- r = monthly interest rate (annual rate ÷ 12)
- n = total number of payments (years × 12)
Input Parameters
- Loan amount: The total amount borrowed.
- Annual interest rate: The APR (Annual Percentage Rate) stated in the loan offer.
- Loan term: Duration in years or months.
- Start date: Optional, to generate a real calendar-aligned amortization schedule.
Use Cases
Home buyers: Estimate monthly mortgage payments for different house prices, down payments, and interest rates before making an offer.
Car buyers: Compare the true cost of financing different vehicle prices over 3, 4, or 5-year terms.
Student loan borrowers: Understand the total repayment cost and monthly obligations before taking out education loans.
Business owners: Model loan costs for equipment financing, real estate purchase, or business expansion loans.
Tips for Using the Calculator
- Compare loans with the same term but different interest rates to see how much rate differences matter.
- Try shorter terms to see how much total interest you save despite higher monthly payments.
- Use the amortization schedule to see how much of your early payments go to interest vs. principal.
Plan your loan payments now — free and instant.