Loan Calculator
Calculate your monthly loan payment, total interest paid, and view a complete amortization schedule. Perfect for loans, mortgages, auto loans, and personal loans.
Total amount you want to borrow
Annual Percentage Rate (APR)
How long to repay the loan
Instant Calculation
Calculate monthly payments and total interest instantly with accurate financial formulas.
Complete Details
See monthly payment, total interest paid, and your complete amortization schedule in one view.
100% Private
All calculations happen in your browser. Your loan information is never sent to any server.
How It Works
Monthly Payment Formula
M = P × [r(1+r)^n] / [(1+r)^n - 1]
Where:
- M = Monthly payment amount
- P = Principal (loan amount)
- r = Monthly interest rate (annual rate ÷ 12 ÷ 100)
- n = Number of payments (years × 12)
Example Calculation
If you borrow $200,000 at 5% APR for 30 years:
- • P = $200,000
- • r = 5% ÷ 12 ÷ 100 = 0.004167
- • n = 30 × 12 = 360 payments
- • Monthly Payment ≈ $1,073.64
- • Total Interest ≈ $186,511.36
Amortization Schedule
The amortization schedule shows how much of each monthly payment goes toward principal (reducing the loan) versus interest (lender's cost). Early payments are mostly interest; later payments are mostly principal.
Frequently Asked Questions
How do you calculate monthly loan payments?
We use the standard loan payment formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where M is the monthly payment, P is the principal, r is the monthly interest rate, and n is the number of payments.
What is an amortization schedule?
An amortization schedule is a table showing each loan payment, how much goes toward principal, how much goes toward interest, and the remaining balance after each payment. It helps you understand how your payments are applied over time.
How do I use the loan calculator?
Enter your loan amount (in dollars), annual interest rate (APR percentage), and loan term (in years). Click Calculate to see your monthly payment, total interest paid, and the full amortization schedule.
Can I use this calculator for mortgages?
Yes, you can use this basic loan calculator for mortgages, but it doesn't include property taxes, insurance, or HOA fees. For a comprehensive mortgage calculation, use a dedicated mortgage calculator.
Is my data private?
Yes, absolutely! All calculations happen entirely in your browser. Your loan information is never sent to any server, ensuring complete privacy and security.
What if the interest rate is 0%?
If you enter 0% interest rate, the calculator will divide the loan amount by the number of months (years × 12) to show your equal monthly payments with no interest.