Loan Calculator
Calculate your monthly loan payments, total interest, and see the amortization schedule.
Loan Details
Payment Summary
Monthly Payment
$1,580.17
About the Loan Calculator
Our free online loan calculator helps you understand your borrowing costs and repayment schedule. Whether you're considering a mortgage, personal loan, or auto loan, this tool provides instant calculations of your monthly payments, total interest, and overall loan cost. Simply enter your loan amount, interest rate, and term to get detailed results.
Key Features
- Calculate monthly payments for any loan type
- See total interest paid over the loan term
- Visual breakdown of principal vs interest
- Compare different loan scenarios side by side
- Works for mortgages, personal loans, and auto loans
- Instant results with no registration required
Frequently Asked Questions
How is the monthly loan payment calculated?
The monthly payment is calculated using the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where M is the monthly payment, P is the principal loan amount, r is the monthly interest rate, and n is the number of payments. This formula ensures that both principal and interest are paid off over the loan term.
What is the difference between fixed and variable interest rates?
A fixed interest rate remains the same throughout the loan term, providing predictable monthly payments. A variable interest rate can change based on market conditions, potentially making your payments higher or lower over time. Our calculator assumes a fixed rate for simplicity.
How does the loan term affect my payments?
A longer loan term typically results in lower monthly payments but higher total interest paid over the life of the loan. A shorter term means higher monthly payments but less total interest. Use our calculator to compare different terms and find the right balance for your budget.
Should I include down payment in the loan amount?
No, the loan amount should be the amount you're borrowing, not including your down payment. For example, if you're buying a $300,000 home with a $60,000 down payment, enter $240,000 as the loan amount.
Can I use this calculator for business loans?
Yes, you can use this calculator for any type of amortizing loan including business loans. However, business loans may have different terms or fees not captured by this simple calculator. Consult with a financial advisor for complex business financing decisions.
Why Use Our Loan Calculator?
Our loan calculator is designed to be accurate, easy to use, and completely free. Whether you're planning a project, making financial decisions, or just need quick calculations, our tool provides instant results you can rely on.
All calculations are performed locally in your browser, ensuring your data remains private and secure.