Loan Calculator

Calculate monthly payments, total interest, and total cost for various types of loans. Plan your finances with this free loan calculator.

Mortgage Auto Personal Student

Loan Amount ($)

Interest Rate (%)

Loan Term

Start Date

Down Payment ($)

Extra Monthly Payment ($)

Monthly Payment

Total Interest

Total Payment

Payment Breakdown

Loan Summary

Loan Amount: $0
Interest Rate: 0%
Loan Term: 0 years
Monthly Payment: $0
Total Interest: $0
Total Payment: $0
Payoff Date: -

Amortization Schedule

Payment #	Payment Date	Payment Amount	Principal	Interest	Remaining Balance

How to Use the Loan Calculator

Select the type of loan you're calculating (Mortgage, Auto, Personal, or Student).
Enter the loan amount, interest rate, and loan term.
Optionally, add a down payment, extra monthly payment, and start date.
Click "Calculate Loan" to see your results.
View the monthly payment, total interest, and total payment amount.
Explore the payment breakdown chart and amortization schedule for a detailed view of your loan.

About Loan Calculations

This loan calculator uses the standard amortization formula to calculate monthly payments on loans with a fixed term and interest rate. The calculator provides a detailed breakdown of each payment, showing how much goes toward the principal and interest over time.

Loan Calculation Formula

The monthly payment for a fixed-rate loan is calculated using the following formula:

M = P [ i(1 + i)ⁿ ] / [ (1 + i)ⁿ - 1 ]

Where:
M = Monthly payment
P = Principal (loan amount)
i = Monthly interest rate (annual rate divided by 12)
n = Total number of payments (term in years × 12)

Types of Loans

Mortgage Loans: Typically 15-30 year terms with lower interest rates, secured by real estate.
Auto Loans: Usually 3-7 year terms with moderate interest rates, secured by the vehicle.

Personal Loans: Typically 1-7 year terms with higher interest rates, often unsecured.
Student Loans: Various term lengths with special repayment options and often lower interest rates.

Tips for Loan Management

Make Extra Payments: Even small additional payments can significantly reduce the total interest paid and loan term.
Refinance When Beneficial: Consider refinancing if interest rates drop substantially.
Understand the Terms: Be aware of prepayment penalties, variable rates, and other loan conditions.
Compare Loan Offers: Shop around for the best interest rates and terms before committing.

This calculator provides estimates for planning purposes. Actual loan terms, interest rates, and payment amounts may vary based on lender policies, credit scores, and other factors. Always consult with a financial advisor or lender for personalized advice.