Loan Calculator
Calculate loan payments, mortgage costs, and amortization schedules. Get detailed insights into your loan terms, interest costs, and payment breakdowns.
Loan Calculator
Loan Calculator Features
Loan Payments
Calculate monthly payments and total costs
Mortgage Calculator
Include taxes, insurance, and PMI
Amortization Schedule
See payment breakdown over time
Interest Analysis
Track principal vs interest payments
Payment Breakdown
Detailed cost analysis and comparisons
Financial Planning
Perfect for budget planning and decisions
How to Use Our Loan Calculator
Step-by-Step Guide
- 1Enter your loan amount (principal)
- 2Enter the annual interest rate
- 3Select your loan term (years or months)
- 4Get instant payment calculations and amortization schedule
What You'll Get
- Monthly Payment: Your fixed monthly payment amount
- Total Interest: Total interest paid over loan life
- Total Cost: Principal + interest paid
- Amortization: Payment breakdown by month
- Payoff Time: Time to pay off the loan
When to Use Our Loan Calculator
Mortgage Planning
Calculate monthly mortgage payments, compare different loan terms, and plan your home purchase budget.
Personal Loans
Compare personal loan options, calculate payments for debt consolidation, or plan major purchases.
Auto Loans
Calculate car loan payments, compare financing options, and determine your vehicle budget.
Student Loans
Plan student loan payments, compare repayment options, and understand total education costs.
Business Loans
Calculate business loan payments, plan cash flow, and evaluate financing options for your business.
Investment Analysis
Compare loan costs vs investment returns, analyze leverage opportunities, and make informed financial decisions.
Frequently Asked Questions
How do I calculate loan payments?
Enter your loan amount (principal), annual interest rate, and loan term in years or months. Our calculator will automatically compute your monthly payment using the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1], where M is monthly payment, P is principal, r is monthly interest rate, and n is number of payments. You'll see total interest, total cost, and a detailed payment schedule.
What is the difference between APR and interest rate?
The interest rate is the percentage you pay on the borrowed amount. APR (Annual Percentage Rate) includes the interest rate plus other fees like origination fees, closing costs, and insurance. APR gives a more complete picture of the loan's true cost. For example, a 5% interest rate might have a 5.5% APR when fees are included.
Can I calculate different types of loans?
Yes! Our calculator works for all types of fixed-rate installment loans including mortgages, auto loans, personal loans, student loans, and business loans. It uses standard amortization formulas applicable to any loan where you make equal monthly payments over a fixed term with a fixed interest rate.
How accurate are the calculations?
Our loan calculator uses standard financial formulas and provides highly accurate estimates based on the inputs you provide. The actual loan terms you receive may vary based on your credit score, lender policies, fees, and whether you choose fixed or variable rates. Always verify final terms with your lender.
Is the loan calculator free to use?
Absolutely! Our loan calculator is completely free to use with no registration, hidden fees, or premium features. You can calculate unlimited loan scenarios, compare different terms, and explore various payment options without any restrictions. Use it as many times as needed to make informed financial decisions.
Can I see the amortization schedule?
Yes! The calculator provides a detailed amortization schedule showing every payment over the life of the loan. You'll see how much of each payment goes toward principal versus interest, the remaining balance after each payment, and how the split changes over time. Early payments are mostly interest, while later payments are mostly principal.
How can I reduce my total interest paid?
To reduce total interest: 1) Make larger down payments to reduce principal, 2) Choose shorter loan terms (higher monthly payments but less total interest), 3) Get a lower interest rate by improving your credit score, 4) Make extra principal payments when possible, 5) Consider bi-weekly payments instead of monthly. Use our calculator to compare different scenarios.
What is a good interest rate for a loan?
Good interest rates vary by loan type and your credit score. As of 2024, typical ranges are: Mortgage (6-8%), Auto loan (4-10%), Personal loan (6-36%), Student loan (4-14%). Excellent credit (740+) gets the best rates, while lower credit scores receive higher rates. Shop around with multiple lenders to find the best rate for your situation.
Should I choose a longer or shorter loan term?
Shorter terms (3-5 years) mean higher monthly payments but much less total interest paid. Longer terms (15-30 years) mean lower monthly payments but significantly more interest over time. Choose based on your budget and financial goals. Use our calculator to compare total costs for different terms before deciding.
Does the calculator store my financial information?
No! All calculations happen locally in your browser using JavaScript. Your loan amounts, interest rates, and personal financial information are never sent to or stored on our servers. Your privacy and financial data security are completely protected. Even your browser history doesn't store the calculation details.
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