Loan Calculator
Estimate your monthly loan payment, total interest and full amortization schedule based on your loan amount, interest rate and term.
How to use the Loan Calculator
Enter the total loan amount you plan to borrow.
Enter the annual interest rate (APR) offered by your lender.
Enter the loan term in years.
The calculator shows your fixed monthly payment, total interest paid, total repayment and a month-by-month amortization table.
Monthly Payment Formula
M = P × [r(1+r)^n] ÷ [(1+r)^n − 1]Where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments.
Example
- 1.Loan amount: $20,000
- 2.Interest rate: 6% APR
- 3.Term: 5 years (60 months)
- 4.Monthly payment ≈ $386.66
- 5.Total interest ≈ $3,199.60
Frequently Asked Questions
Frequently asked questions about the Loan Calculator
Does this include fees or insurance?+
No, this calculator estimates principal and interest only, using a standard fixed-rate amortization formula. Origination fees, insurance and other charges are not included.
What is an amortization schedule?+
It's a table showing how each payment splits between interest and principal over the life of the loan. Early payments are mostly interest; later payments are mostly principal.
Does it work for mortgages?+
The formula is the same one used for mortgages, auto loans and personal loans. For mortgages, remember property taxes and insurance are usually billed separately.