Loan Calculator
Calculate monthly loan payments, total interest, and total cost from the amount, interest rate, and term, so you can compare options before borrowing.
Loan Calculator
Calculate monthly payments, total interest, and amortization schedule
About Loan Calculator
A loan calculator helps you estimate monthly payments, total interest, and create an amortization schedule for any loan. Whether you're planning a mortgage, auto loan, personal loan, or student loan, this tool provides accurate calculations to help you make informed financial decisions.
Accurate Calculations
Precise monthly payment estimates
Amortization Schedule
See payment breakdown by month
Compare Options
Test different loan scenarios
Loan Details
Common Loan Types
Frequently Asked Questions
How is monthly loan payment calculated?
Monthly payment is calculated using the formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where P is principal, r is monthly interest rate, and n is number of months.
What is an amortization schedule?
An amortization schedule shows the breakdown of each payment into principal and interest over the life of the loan. Early payments have more interest, while later payments have more principal.
Can I use this for mortgage calculations?
Yes! This calculator works for mortgages, auto loans, personal loans, and any fixed-rate loan. For mortgages, remember to add property taxes and insurance to your monthly payment.
How can I reduce my total interest paid?
You can reduce interest by: making a larger down payment, choosing a shorter loan term, getting a lower interest rate, or making extra principal payments.
Instant Results
Real-time calculations
Detailed Schedule
Month-by-month breakdown
Easy Adjustments
Sliders for quick changes
Mobile Friendly
Works on any device
About Loan Calculator
The Loan Calculator estimates your monthly payment, total interest and total cost for a fixed-rate loan, and then lays out a month-by-month amortization schedule showing how much of each payment goes to principal and how much to interest. Enter the amount, annual interest rate and term in years or months to compare scenarios side by side.
It is a planning tool for mortgages, car loans, personal loans and student loans that use a standard amortizing payment. Real offers can include fees, insurance, variable rates and different compounding conventions, so treat the figures as an estimate to bring to your lender.
How to use the Loan Calculator
- Enter the loan amount.
- Enter the annual interest rate as a percentage.
- Set the loan term in years and/or months.
- Click Calculate Loan. Review the monthly payment, total payment and total interest.
- Open the amortization schedule to see the balance fall month by month, and change the inputs to compare options.
What it can do
Monthly payment
Standard fixed-payment formula based on amount, rate and number of months.
Total interest and cost
See how much extra you pay over the life of the loan.
Amortization schedule
Month-by-month table of payment, principal, interest and remaining balance.
Payment breakdown chart
A visual split between principal and interest.
When it is useful
- Checking whether a car loan fits your monthly budget before visiting a dealer.
- Comparing a 15-year and a 30-year mortgage to see the trade-off between payment and total interest.
- Seeing how much interest a shorter term would save.
- Estimating a personal loan repayment before you apply.
Good to know
- The tool assumes a fixed interest rate, equal monthly payments and monthly compounding.
- It does not include taxes, insurance, origination fees, early repayment charges or variable-rate changes.
- Extra payments are not modelled. Making them would reduce interest and the term.
- Lenders’ own quotes take precedence; use this for comparison only.
Read the guide: Calculators Guide 2026
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