Loan Calculator

Free online loan calculator. Calculate monthly payments, total interest, and view a full amortization schedule for any loan.

How It Works

  1. Enter the total loan amount you wish to borrow in the designated field.
  2. Input the annual interest rate offered by your lender.
  3. Select the loan term in months or years depending on your repayment plan.
  4. Click 'Calculate' to instantly see your monthly payment, total interest paid, and overall cost.
  5. Scroll down to review the full amortization schedule showing each payment broken down by principal and interest.

Formula

Monthly Payment (M) = P × [r(1+r)^n] / [(1+r)^n - 1], where P = principal loan amount, r = monthly interest rate (annual rate / 12), n = total number of monthly payments

Example

Input: Loan Amount: $20,000 | Annual Interest Rate: 6.5% | Loan Term: 48 months
Result: Monthly Payment: $475.64 | Total Amount Paid: $22,830.72 | Total Interest Paid: $2,830.72

FAQ

Yes, this tool is completely free with no sign-up, subscription, or hidden fees required. Simply enter your loan details and get instant results.

Absolutely. All calculations are performed entirely client-side in your browser. No data you enter is ever sent to any server, stored, or shared with anyone. Your information stays on your device.

An amortization schedule is a complete table of periodic loan payments showing the breakdown of each payment into principal and interest portions, along with the remaining balance after each payment.

Yes. This calculator works for any fixed-rate loan including mortgages, car loans, student loans, and personal loans. Simply enter the relevant figures for your specific loan type.

A longer loan term means more monthly payments, which gives interest more time to accumulate. Even a small difference in term length can result in hundreds or thousands of dollars more in total interest paid over the life of the loan.