Loan Calculator
Calculate monthly payments, total interest, and view the full amortization schedule — free, fast, and visual.
⚙️ Loan Parameters
💰 Results
Monthly Payment
$0.00
Total Interest
$0.00
Total Payment
$0.00
Interest Ratio
Total Payments
—
Loan Term
—
Interest / Principal
—
🍩 Principal vs Interest Breakdown
📊 Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
|---|
What Is a Loan Calculator?
A loan calculator helps you estimate your monthly payment, total interest, and total repayment amount for any type of loan. Whether you're considering a mortgage, an auto loan, or a personal loan, understanding the true cost of borrowing is essential before signing on the dotted line.
Our loan calculator uses the standard amortization formula to give you accurate results instantly. It also generates a full amortization schedule so you can see exactly how each payment is split between principal and interest over the life of the loan.
Loan Payment Formula
How to Use This Calculator
- Enter the loan amount — the total you plan to borrow.
- Set the annual interest rate — the rate offered by your lender.
- Choose the loan term — how long you have to repay (in years or months).
- Click Calculate to see your monthly payment, total interest, and full breakdown.
- Review the amortization schedule to see how each payment is applied over time.
Loan Examples: See the Numbers
| Scenario | Loan | Rate | Term | Monthly | Total Interest |
|---|---|---|---|---|---|
| 🏠 30-Year Mortgage | $300,000 | 6.5% | 30 yrs | — | — |
| 🚗 5-Year Auto Loan | $25,000 | 5.9% | 5 yrs | — | — |
| 💳 3-Year Personal Loan | $10,000 | 9.5% | 3 yrs | — | — |
Understanding Amortization
With a standard amortized loan, each monthly payment is the same amount, but the split between principal and interest changes over time. In the early months, a large portion goes to interest because the outstanding balance is high. As you pay down the loan, more of each payment goes to principal.
This means that making extra payments early in the loan has the biggest impact on reducing total interest. Even a single extra payment per year can shave years off a 30-year mortgage and save tens of thousands of dollars.
Tips for Saving on Your Loan
- Shop around for the best rate — even a 0.25% difference can save thousands over the life of a mortgage.
- Choose a shorter term if you can afford it — you'll pay less total interest and build equity faster.
- Make extra payments — even small additional amounts toward principal can dramatically cut interest costs.
- Improve your credit score before borrowing — higher scores qualify for lower rates, which directly reduces your monthly payment.
- Consider refinancing — if rates drop significantly after you take out a loan, refinancing can lower your payment and total cost.