About this tool
Calculate monthly loan payments, total interest, and loan costs for mortgages, car loans, personal loans, student loans, and any type of installment loan. This loan calculator helps you understand the true cost of borrowing before you commit.
Enter your loan amount (principal), annual interest rate, and loan term in years to see detailed breakdown of monthly payment, total amount paid over the loan lifetime, and total interest charges. These calculations help you compare loan offers, plan budgets, and make informed borrowing decisions.
Whether you're financing a home purchase, buying a car, consolidating debt, or planning a major expense, understanding loan payments is crucial. The calculator uses the standard amortization formula used by banks and lenders, giving you accurate payment estimates.
Planning a budget? Use this calculator to see if monthly payments fit your finances. Comparing loan offers from different lenders? Calculate each option to see which saves you more over time. The tool helps answer: "Can I afford this loan?" and "How much will this really cost?"
Practical Usage Examples
Calculate mortgage payment
Find monthly payment for a $300,000 home loan at 6.5% over 30 years.
Loan amount: $300,000
Interest rate: 6.5%
Term: 30 years
Result: Monthly payment $1,896
Total paid: $682,632
Total interest: $382,632Car loan calculation
Calculate payments for a $25,000 car loan at 4.5% over 5 years.
Loan amount: $25,000
Interest rate: 4.5%
Term: 5 years
Result: Monthly payment $466
Total paid: $27,960
Total interest: $2,960Personal loan comparison
Compare a 3-year vs 5-year term for a $10,000 personal loan at 8%.
3-year: Monthly $313, Total interest $1,268
5-year: Monthly $203, Total interest $2,180
Savings with 3-year: $912 in interestStep-by-Step Instructions
Enter the loan amount you want to borrow.
Enter the annual interest rate (as a percentage).
Enter the loan term in years.
Optional: Enter any extra monthly payment to see how much faster you can pay off the loan.
Click "Calculate" to see your monthly payment, total interest, and amortization schedule.
Core Benefits
Calculates exact monthly payment with principal and interest breakdown.
Shows total interest paid over the life of the loan.
Includes amortization schedule showing principal/interest per payment.
Extra payment calculator shows time and interest savings.
100% client-side — your financial data never leaves your browser.
Free, no signup, works offline after first load.
Frequently Asked Questions
The monthly payment uses the standard amortization formula: P = L[c(1+c)^n]/[(1+c)^n-1], where L is the loan amount, c is the monthly interest rate (annual rate / 12), and n is the total number of payments (years × 12).
An amortization schedule shows each payment broken down into principal and interest components, plus the remaining balance after each payment. Early payments are mostly interest; later payments are mostly principal.
Extra payments reduce the principal balance faster, which reduces the total interest paid and shortens the loan term. Even small extra payments can save thousands in interest and years off the loan.
Yes. This calculator works for any fixed-rate installment loan — mortgage, auto, personal, student, or business loans. Just enter the loan amount, rate, and term.
Yes. All calculations run in your browser. No loan data is transmitted or stored on any server.