Calculate monthly loan payments, total interest, and amortization schedules with our free Loan Calculator. Enter the loan amount, interest rate, and term to see detailed breakdowns. Supports fixed-rate mortgages, car loans, personal loans, and student loans. Compare different loan scenarios side by side.
Enter the loan amount (principal).
Enter the annual interest rate.
Select the loan term in years or months.
View monthly payment, total interest, and amortization schedule.
Monthly payments are calculated using the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is principal, r is monthly interest rate, and n is number of payments. This ensures equal payments throughout the loan term.
An amortization schedule shows the breakdown of each payment into principal and interest portions over the life of the loan. Early payments are mostly interest, while later payments are mostly principal.
Extra payments go directly toward the principal, reducing the total interest paid and shortening the loan term. Even small extra monthly payments can save thousands in interest and months or years off your loan.