Loan Calculator
Enter your loan amount, interest rate, and term to instantly see your monthly payment, total interest, total repaid, and a full month-by-month amortization schedule. No sign-up — your numbers never leave your browser.
What is the Loan Calculator?
The Loan Calculator is a free, instant tool that turns three numbers — your loan amount, annual interest rate, and term — into the figures that actually matter: your fixed monthly payment, the total interest you will pay, and the total amount you will repay over the life of the loan. It works for any fixed-rate amortizing loan, including personal loans, auto loans, student loans, and simple mortgage estimates.
Beyond the headline payment, it builds a complete amortization schedule so you can see exactly how your loan balance shrinks each month with a full amortization schedule, payment by payment.
How to use it
- Enter the loan amount (the principal you plan to borrow).
- Enter the annual interest rate as a percentage (for example, 6.5).
- Enter the loan term in years (or switch the unit to months).
- The results update instantly: monthly payment, total interest, and total repaid.
- Open the amortization schedule to see the interest/principal split and remaining balance for every month.
There is no Calculate button to wait on and nothing to submit — results recalculate the moment you change a value, so you can compare offers in seconds and close the tab when you are done.
The formula behind it
This calculator uses the standard equal-monthly-installment (amortizing) formula:
M = P x r x (1 + r)^n / ((1 + r)^n - 1)
- M = fixed monthly payment
- P = principal (loan amount)
- r = monthly interest rate = annual rate ÷ 12 ÷ 100
- n = total number of monthly payments = term in years × 12
Each month, interest is charged on the current remaining balance, and the rest of the fixed payment reduces the principal. Because the balance falls over time, the interest portion of each payment shrinks and the principal portion grows — that is what the amortization schedule visualizes. If the interest rate is 0%, the tool falls back to simply dividing the principal evenly across all payments.
Examples
- Personal loan: Borrow $10,000 at 6% for 3 years (36 months). Monthly payment ≈ $304.22, total interest ≈ $951.90, total repaid ≈ $10,951.90.
- Auto loan: Borrow $25,000 at 5% for 5 years (60 months). Monthly payment ≈ $471.78, total interest ≈ $3,306.85, total repaid ≈ $28,306.85.
- Rate comparison: The same $25,000 / 5-year loan at 7% costs ≈ $495.03/month and ≈ $4,701.71 in interest — about $1,400 more interest from a 2-point rate increase.
Common use cases
- Comparing two or three loan offers to see which monthly payment fits your budget.
- Checking how much total interest a longer term adds before you commit.
- Estimating an auto or personal loan payment before walking into a dealership or bank.
- Understanding how much of an early payment goes to interest versus principal.
- Sanity-checking a lender's quoted payment against an independent calculation.
Why use this one
Most top loan calculators stop at the monthly payment or bury the details behind a sign-up. This one shows the full month-by-month amortization schedule — interest, principal, and remaining balance for every payment — right on the page. It is instant (results update as you type, no reload) and private: every calculation runs in your browser, so your loan numbers are never uploaded, stored, or shared. No account, no email, no app.
Results are estimates for general informational purposes only and are not financial, lending, or investment advice. They exclude taxes, insurance, and fees. Always confirm actual terms with your lender.
Frequently asked questions
How is the monthly loan payment calculated?
It uses the standard amortizing (equal monthly installment) formula: M = P x r x (1 + r)^n / ((1 + r)^n - 1), where P is the principal, r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments. Every payment is the same amount, but the split between interest and principal changes over time.
What is an amortization schedule?
An amortization schedule is a month-by-month table showing each payment broken into interest and principal, plus the remaining balance after that payment. Early payments are mostly interest; later payments are mostly principal. This calculator generates the full schedule so you can see exactly how your balance shrinks.
Does this calculator include taxes, insurance, or fees?
No. It calculates the loan payment based purely on principal, interest rate, and term. Items like property tax, insurance, origination fees, or PMI are not included, so your real-world total cost may be higher. Use it as an estimate to compare loan offers.
How does the interest rate affect my total interest?
Higher rates and longer terms both increase the total interest you pay. Even a one-percentage-point difference can add up to thousands over a long loan. Try changing the rate and term in the calculator to see the total interest update instantly.
Is my loan information saved or sent anywhere?
No. The entire calculation runs in your browser. The amounts you enter are never uploaded to a server, stored, or shared — close the tab and they are gone.