Loan Calculator
Calculate monthly payments, total interest, and amortization for any loan.
Monthly Payment
$790.79
Total Interest
$42,342.85
Total Payment
$142,342.85
A loan calculator is an essential financial planning tool that helps you understand the true cost of borrowing before committing to a loan. Whether you're considering a mortgage, auto loan, personal loan, or student loan, understanding your monthly payments, total interest, and amortization schedule is crucial for making informed financial decisions.
Our calculator uses the standard amortization formula to compute fixed monthly payments: M = P[r(1+r)^n]/[(1+r)^n-1], where P is the principal, r is the monthly interest rate, and n is the total number of payments. This provides you with exact figures for monthly payment, total interest paid, and total amount repaid.
The amortization schedule shows you exactly how each payment is split between principal and interest over the life of the loan. In the early years, a larger portion goes to interest, while later payments contribute more to principal reduction. This insight helps you understand the long-term cost and consider strategies like extra payments to reduce interest.
Making informed borrowing decisions can save you thousands in interest. Our calculator instantly shows you the full financial picture of any loan, helping you compare options and plan your budget.
- Enter the loan amount, interest rate, and term
- Click Calculate to see monthly payment details
- View the full amortization schedule
- Compare loans by looking at total interest paid, not just the monthly payment.
- A shorter loan term means higher monthly payments but significantly less total interest.
- Making even small extra payments can dramatically reduce your total interest and loan duration.
- Consider the annual percentage rate (APR) which includes fees, not just the interest rate.
- Use the amortization table to plan strategies for early payoff.
- Factor in other costs like insurance and taxes when budgeting for a mortgage.