Loan Calculator
Calculate your monthly loan payments, total interest, and view complete amortization schedule. Compare loan terms and see how extra payments can save you money. Free and easy to use.
Loan Details
➕ Optional: Extra Payment
Extra payments go directly toward principal, saving interest.
Your Results
Monthly Payment
$0
Total Amount Paid
$0
Total Interest
$0
Principal vs Interest
💰 With Extra Payments
You'll save $0 in interest and pay off your loan 0 months early.
📊 View Amortization Schedule
| Year | Interest Paid | Principal Paid | Ending Balance |
|---|
How to Use This Calculator
Our loan calculator helps you make informed borrowing decisions by showing exactly how much your loan will cost. Enter your loan details to see monthly payments, total interest, and a complete amortization schedule. Perfect for mortgages, auto loans, personal loans, student loans, and business financing.
📝 Step-by-Step Instructions:
- 1. Enter Loan Amount - The total amount you need to borrow. For example, if you're buying a $200,000 home with a $40,000 down payment, enter $160,000.
- 2. Set Loan Term - How many years you'll take to repay. Common terms: 15-30 years (mortgages), 3-5 years (auto loans), 1-5 years (personal loans).
- 3. Input Interest Rate - The annual percentage rate (APR) for your loan. Check with your lender for current rates based on your credit score.
- 4. View Results - See your monthly payment, total amount paid, and total interest instantly. All calculations update in real-time as you adjust inputs.
🌟 Real-World Use Cases:
Car Loan Calculation
You're buying a $35,000 car with 5% interest over 5 years.
Monthly payment: $660.63 | Total interest: $4,637.58
Personal Loan Planning
Need $15,000 for home renovation with 9% APR over 3 years.
Monthly payment: $477.20 | Total interest: $2,179.20
Student Loan Repayment
$50,000 student loan at 4.5% interest over 10 years.
Monthly payment: $518.95 | Total interest: $12,273.63
Small Business Loan
$100,000 business loan at 7% APR over 7 years.
Monthly payment: $1,453.59 | Total interest: $22,101.20
Debt Consolidation
Consolidating $25,000 credit card debt at 12% into 6% loan over 4 years.
Save thousands in interest by consolidating!
💡 Pro Tips:
- Use extra payment feature to see how much you can save
- Shorter loan terms have higher payments but lower total interest
- Even $50-100 extra monthly can save thousands in interest
- Compare different terms to find your ideal balance
- Check amortization schedule to understand payment breakdown
⚠️ Important Notes:
- Results are estimates - actual rates may vary by lender
- Does not include fees, insurance, or taxes
- Extra payments go directly toward principal
- All calculations happen in your browser (private)
- Compare multiple scenarios before committing
💰 Money-Saving Tip: Paying just $100 extra per month on a $200,000, 30-year mortgage at 6% can save you over $45,000 in interest and pay off your loan 4 years early! Use the "Optional: Extra Payment" feature to see your potential savings.
Understanding Loans
A loan is money borrowed from a lender that you agree to repay with interest over a set period. Understanding how loans work helps you make smarter financial decisions.
Loan Payment Formula
The monthly payment is calculated using the following formula:
Monthly Payment = P × [r(1+r)^n] / [(1+r)^n - 1]
Where: P = Principal, r = Monthly interest rate, n = Number of months
Compare Loan Terms
Here's how different loan terms affect a $100,000 loan at 6% interest:
| Loan Term | Monthly Payment | Total Interest |
|---|---|---|
| 10 years | $1,110 | $33,220 |
| 15 years | $844 | $51,894 |
| 20 years | $716 | $71,943 |
| 30 years | $600 | $115,838 |
Key Takeaway: Shorter loan terms have higher monthly payments but save you significantly on interest. A 10-year loan saves over $82,000 in interest compared to a 30-year loan on the same $100,000 borrowed!