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Loan Calculator

Work out your monthly loan or mortgage payment, the total interest you will pay, and a full amortization schedule — free and instantly in your browser.

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yrs
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Decimals:
Monthly payment
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Total interest
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Total paid
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About the Loan Calculator

A loan calculator works out the fixed monthly payment on an amortizing loan from three numbers: the loan amount, the annual interest rate and the term. It also shows the total interest, the total amount repaid, and a year-by-year amortization schedule. It works for personal loans, car loans, student loans and mortgages, and an optional extra-payment field shows how much interest and time you can save.

How Loan Calculator works

The fixed monthly payment on an amortizing loan is:

M = P · i ÷ ( 1 − (1 + i)−n )

where P = loan amount, i = monthly interest rate (annual rate ÷ 12), and n = number of monthly payments (years × 12).

Example: a ,000 loan at 6% for 5 years → i = 0.005, n = 60 → M = 20000 × 0.005 ÷ (1 − 1.005−60) ≈ 6.66/month, totalling about ,199 with ~,199 in interest.

How to use

  1. Enter your values as shown in the input box.
  2. The result is calculated instantly.
  3. Click Copy to use it.

Common uses

  • Estimate the monthly payment on a car, personal, student or home loan
  • See how much total interest a loan will cost over its life
  • View a year-by-year amortization schedule (interest vs principal)
  • Check how extra monthly payments shorten the loan and cut interest

Frequently asked questions

How is a monthly loan payment calculated?
Using the amortization formula M = P·i ÷ (1 − (1+i)^−n), where i is the monthly rate (annual rate ÷ 12) and n is the number of months. Each payment covers that month's interest first, and the rest reduces the balance.
What is an amortization schedule?
A table showing, for each period, how much of your payment goes to interest versus principal, and the remaining balance. Early payments are mostly interest; later payments are mostly principal.
Can I use this as a mortgage calculator?
Yes — enter the loan amount (home price minus down payment), the mortgage rate and the term. Note it calculates principal and interest only, not property tax or insurance.
Do extra payments help?
Yes. Enter an extra monthly amount and the calculator shows how many years sooner the loan is paid off and how much interest you save.