Loan Calculator
Trending 🔥Calculate monthly payments and total loan cost.
How to Use Loan Calculator
- 1Enter the loan amount
- 2Enter the annual interest rate
- 3Enter the loan term in years or months
- 4Click Calculate to see payments and total cost
About Loan Calculator
The Loan Calculator computes your monthly payment using the standard amortization formula and shows a complete breakdown of your repayment. Enter the loan amount, annual interest rate, and loan term to see the monthly payment, total amount repaid over the full term, and total interest paid.
The calculator also provides an amortization schedule showing how each payment is split between principal reduction and interest for the first 12 months. This helps you understand how early payments go mostly toward interest and later payments increasingly reduce the principal.
All processing runs locally in your browser with no data sent to any server, so you can model sensitive financial scenarios — mortgages, car loans, personal loans — with complete privacy.
Key Features of Loan Calculator
- Calculate monthly payment using the standard amortization formula
- Shows total amount repaid over the full loan term
- Shows total interest paid over the life of the loan
- Provides an amortization schedule for the first 12 months
- Each schedule row shows principal paid, interest paid, and remaining balance
- Supports loan terms in years or months
- Works for mortgages, car loans, personal loans, and any fixed-rate loan
- Handles interest rates from near-zero to high double digits
Examples
Car loan payment calculation
Find the monthly payment for a $20,000 car loan at 6% over 5 years.
Input
Loan: $20,000, Rate: 6%, Term: 5 years
Output
Monthly payment: $386.66 | Total paid: $23,199.60 | Interest: $3,199.60
Mortgage affordability check
Calculate monthly payments for a $300,000 mortgage at 4.5% over 30 years.
Input
Loan: $300,000, Rate: 4.5%, Term: 30 years
Output
Monthly payment: $1,520.06 | Total paid: $547,220 | Interest: $247,220
Common Use Cases
- Estimating monthly car loan payments before visiting a dealership
- Checking mortgage affordability based on income and purchase price
- Comparing total interest costs for different loan terms
- Understanding how much of early payments go toward interest vs principal
- Planning a personal loan repayment budget
- Evaluating whether to choose a shorter term to save on total interest
Troubleshooting
Entering the interest rate as a monthly rate instead of annual
Solution
Enter the annual interest rate (e.g., 6 for 6% per year). The calculator divides by 12 internally to get the monthly rate.
Forgetting that the amortization schedule shows only 12 months
Solution
The full amortization table for a 30-year mortgage would have 360 rows. The calculator shows the first 12 months to illustrate the principal/interest split pattern.
Expecting the calculator to include taxes, insurance, or fees
Solution
This calculator shows principal and interest only. For a mortgage, add property taxes, homeowner's insurance, and PMI separately to get the full monthly housing cost.
Frequently Asked Questions
What amortization formula is used?
Monthly payment = [P x r(1+r)^n] / [(1+r)^n - 1], where P is principal, r is the monthly interest rate (annual rate / 12), and n is the total number of monthly payments.
Does it include insurance or fees?
No. This calculator shows principal and interest costs only. Add property taxes, insurance, origination fees, and other charges separately for a complete cost picture.
Why does most of my early payment go to interest?
Early in the loan, the outstanding balance is highest, so the interest portion is largest. As the principal decreases over time, more of each payment goes toward reducing the balance.
How does a shorter loan term affect the total cost?
A shorter term means higher monthly payments but significantly less total interest paid. For example, a 15-year mortgage costs far less in total interest than a 30-year mortgage for the same loan amount.
What is the difference between this and the monthly payment calculator?
The loan calculator models a standard amortizing loan with interest. The monthly payment calculator focuses on paying off a fixed total amount over a chosen number of months, with optional interest.
Can I model a zero-interest loan?
Yes. Enter 0 as the interest rate and the monthly payment will simply be the loan amount divided by the number of months, with no interest component.
How does extra principal payment affect the loan?
Paying extra principal reduces the outstanding balance faster, shortening the loan term and reducing total interest. This calculator does not model extra payments, but you can re-run it with a reduced remaining balance.
Is my data private?
Yes. All calculations run entirely in your browser. No loan amounts or rates are transmitted to any server.