Loan Calculator
Calculate monthly loan payments, total interest cost, and amortization schedules.
Calculate monthly loan payments and borrowing costs for personal loans, auto financing, and student debt. Analyze total interest paid over the life of the loan and explore repayment strategies.
About Loan Calculator
Taking out a loan is a major financial commitment. Loan Calculator helps borrowers evaluate affordability, compare competing bank offers, and understand the true cost of interest before signing loan agreements.
How to Use Loan Calculator
- Enter loan amount: Input the total principal amount borrowed.
- Input interest rate: Enter the annual percentage rate (APR).
- Set repayment term: Specify loan duration in years or months.
- Review payment schedule: Analyze your monthly payment amount and total interest paid.
Key Features
- Fixed monthly payment calculation
- Total interest and total payback amounts
- Flexible terms in years or months
- Clean visual breakdown
- 100% client-side
Common Use Cases
- Comparing financing options from banks and auto dealerships.
- Evaluating personal loan borrowing costs for home improvement projects.
- Planning student loan payoff timelines and consolidation plans.
Formula & Calculation Logic
Monthly Payment: M = P × [r(1+r)^n] / [(1+r)^n - 1]. Total Payback = M × n. Total Interest = Total Payback - P.
Frequently Asked Questions
How is monthly loan payment 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 total number of monthly payments.
Can this calculate car loan payments?
Yes! Loan Calculator works perfectly for auto loans, personal loans, and student loans.
Does paying extra principal each month save money?
Yes, paying additional principal reduces the outstanding balance faster, substantially decreasing the total interest accrued over the life of the loan.
What is the difference between a fixed-rate and variable-rate loan?
A fixed-rate loan maintains an identical interest rate and monthly payment for the entire term, whereas variable-rate loans fluctuate with benchmark market rates.
Privacy Guarantee
Financial inputs are processed locally and never stored.
Related Free Online Tools
Mortgage Calculator
Calculate monthly home mortgage payments including principal, interest, taxes, and insurance.
Use Mortgage Calculator →Compound Interest Calculator
Calculate compound interest growth on savings, retirement funds, and investments over time.
Use Compound Interest Calculator →Salary to Hourly Calculator
Convert annual salary to hourly rate, weekly pay, bi-weekly checks, and monthly wages.
Use Salary to Hourly Calculator →Percentage Calculator
Calculate percentages, percentage increases, percentage decreases, and differences easily.
Use Percentage Calculator →Simple Interest Calculator
Calculate simple interest, total repayment, and annual returns on short-term loans and bonds.
Use Simple Interest Calculator →Tip Calculator
Calculate restaurant tips, bill totals, and split the check evenly among friends.
Use Tip Calculator →