Loan Calculator

Calculate monthly loan payments, total interest, and view complete amortization schedules for mortgages and loans.

100% client-side No signup Free forever
Monthly Payment $0.00
Total Payment $0.00
Total Interest $0.00
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How to Use Loan Calculator

  1. Enter the loan amount
  2. Set the annual interest rate
  3. Choose the loan term
  4. View monthly payment and totals
  5. Check the amortization schedule
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Features

  • Monthly payment calculation
  • Total interest calculation
  • Visual payment breakdown chart
  • Full amortization schedule
  • Supports years or months terms
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About Loan Calculator

Understanding loan terms before signing prevents financial surprises. Our Loan Calculator reveals monthly payments, total interest costs, and payment breakdowns over time, helping you compare offers and plan budgets effectively.

Loan Calculations

  • Monthly Payment: Your regular payment amount based on loan terms
  • Total Interest: The full cost of borrowing over the loan life
  • Total Amount Paid: Principal plus all interest (true loan cost)
  • Amortization Schedule: Payment-by-payment breakdown showing principal and interest portions
  • Payoff Date: When the loan will be fully repaid

Understanding Amortization

Early loan payments go mostly toward interest, with principal paydown accelerating over time. This explains why refinancing early sometimes makes sense, and why extra principal payments have outsized impact. Our amortization table shows this progression clearly, month by month.

Comparing Loan Offers

Lower interest rates reduce total cost, but longer terms mean more payments. A 4% 30-year mortgage costs more total than a 4.5% 15-year mortgage despite the lower rate. Our calculator helps you compare scenarios by showing both monthly payments and lifetime costs.

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Frequently Asked Questions

How is monthly loan payment calculated?
Monthly payment uses the amortization formula: P × [r(1+r)^n] / [(1+r)^n-1], where P=principal, r=monthly rate, n=number of payments. For a $200,000 loan at 6% for 30 years: payment ≈ $1,199/month. Our calculator handles this complex math instantly and shows the full breakdown.
What is the difference between APR and interest rate?
Interest rate is the cost of borrowing principal. APR (Annual Percentage Rate) includes interest PLUS fees (origination, closing costs, etc.) spread over the loan term. APR is always higher and provides a truer cost comparison between lenders. Our calculator can compute both.
How much total interest will I pay?
Total interest = (Monthly Payment × Number of Payments) - Principal. On a 30-year $200,000 loan at 6%, you'd pay about $231,677 in interest - more than the loan itself! Our calculator shows total interest and how extra payments can dramatically reduce it.
What is an amortization schedule?
An amortization schedule shows each payment's split between principal and interest over the loan life. Early payments are mostly interest; later payments are mostly principal. Our calculator generates full schedules showing exact amounts for every payment throughout your loan term.
How do extra payments affect my loan?
Extra payments go directly to principal, reducing interest charges and loan duration. Paying an extra $100/month on a $200,000/30-year/6% loan saves about $51,000 in interest and pays off 5 years early! Our calculator shows exactly how extra payments help.
Should I choose a 15-year or 30-year mortgage?
15-year mortgages have higher monthly payments but much less total interest (often half) and faster equity building. 30-year loans offer lower payments and more flexibility. Our calculator compares both side-by-side so you can see the trade-offs clearly with your actual numbers.