Calculate monthly payments, total interest, and amortization schedules for any loan
Calculate exact monthly payment amounts for any loan.
Example: $25,000 loan at 5% for 5 years = $471.78/month
See how much interest you'll pay over the loan term.
Insight: Compare different terms to minimize interest
Detailed payment breakdown showing principal vs interest.
Use case: Track loan progress and early payoff benefits
Pre-configured settings for auto, personal, home, and business loans.
Feature: Typical terms and rates for each loan type
Select your loan type for pre-filled typical terms and rates.
Input loan amount, interest rate, and term length.
Include down payment to reduce loan amount and monthly payments.
See monthly payment, total interest, and amortization schedule.
Monthly payments are calculated using the standard loan formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is principal, r is monthly rate, and n is number of payments.
The calculated payment includes principal and interest only. For mortgages, add taxes, insurance, and PMI separately.
A down payment reduces the loan amount, which lowers your monthly payment and total interest paid over the loan term.
An amortization schedule shows each payment broken down into principal and interest, plus the remaining balance after each payment.
Shorter terms have higher monthly payments but less total interest. Longer terms have lower monthly payments but more total interest.
Higher interest rates increase your monthly payment and total cost. Even small rate differences can significantly impact long-term costs.
Most loans allow early payoff, which saves on total interest. Check with your lender about prepayment penalties.
Interest rate is the cost of borrowing. APR includes the interest rate plus fees, giving you the true cost of the loan.
A general rule is that your monthly debt payments shouldn't exceed 28-36% of your gross monthly income.
Yes, the calculator uses standard loan formulas applicable to most installment loans including auto, personal, and mortgage loans.