LOAN CALCULATOR
Calculate monthly loan payments and total interest costs for any type of loan. Get detailed amortization schedules showing how each payment is split between principal and interest over the life of your mortgage, auto loan, or personal loan.
| Payment # | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $1,073.64 | $240.31 | $833.33 | $199,759.69 |
| 2 | $1,073.64 | $241.31 | $832.33 | $199,518.38 |
| 3 | $1,073.64 | $242.32 | $831.33 | $199,276.06 |
| 4 | $1,073.64 | $243.33 | $830.32 | $199,032.74 |
| 5 | $1,073.64 | $244.34 | $829.30 | $198,788.40 |
| 6 | $1,073.64 | $245.36 | $828.28 | $198,543.04 |
| 7 | $1,073.64 | $246.38 | $827.26 | $198,296.66 |
| 8 | $1,073.64 | $247.41 | $826.24 | $198,049.25 |
| 9 | $1,073.64 | $248.44 | $825.21 | $197,800.81 |
| 10 | $1,073.64 | $249.47 | $824.17 | $197,551.34 |
| 11 | $1,073.64 | $250.51 | $823.13 | $197,300.83 |
| 12 | $1,073.64 | $251.56 | $822.09 | $197,049.27 |
Our free loan calculator helps you estimate monthly payments for mortgages, car loans, personal loans, and other types of financing. Whether you're planning to buy a home, finance a vehicle, or consolidate debt, this mortgage calculator and payment calculator gives you the financial insights you need to make informed borrowing decisions.
Key Features:
- Monthly Payment Calculator: Instantly calculate your exact monthly payment amount based on loan amount, interest rate, and loan term
- Detailed Amortization Schedule: View how each payment is divided between principal and interest over the entire life of your loan
- Total Interest Calculator: See exactly how much interest you'll pay over the loan term to understand the true cost of borrowing
- Visual Payment Breakdown: Interactive charts show the proportion of principal versus interest in your total payments
- Flexible Views: Toggle between monthly and yearly amortization schedules to analyze your payment schedule at different levels of detail
- Multiple Loan Types: Works for mortgage calculations, auto loan payments, personal loans, student loans, and any fixed-rate installment loan
Common Use Cases:
- Mortgage Calculator: Calculate home loan payments for 15-year, 30-year, or custom mortgage terms to determine affordability
- Car Loan Calculator: Estimate monthly auto loan payments and compare different loan terms and interest rates
- Personal Loan Calculator: Plan debt consolidation or major purchases by calculating fixed monthly payments
- Refinancing Analysis: Compare your current loan payment with potential refinancing options to find savings opportunities
How the Loan Payment Formula Works:
This loan interest calculator uses the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where:
- M = Monthly payment amount
- P = Principal loan amount (the amount you borrow)
- r = Monthly interest rate (annual rate divided by 12 months)
- n = Total number of monthly payments (loan term in years × 12)
This formula ensures that each payment includes both principal reduction and interest charges, with the balance gradually declining to zero by the final payment. Early payments have higher interest portions, while later payments apply more toward the principal balance.
Understanding Your Amortization Schedule:
An amortization schedule is a complete table showing every payment over your loan's lifetime. Each entry displays the payment number, payment amount, principal portion, interest portion, and remaining balance. This schedule helps you understand when you'll build equity, how interest costs decrease over time, and the total cost of your loan.
Important Disclaimer: This calculator provides estimates for fixed-rate loans based on the information you provide. Actual loan payments may vary depending on additional costs such as property taxes, homeowners insurance, PMI (private mortgage insurance), HOA fees, origination fees, or variable interest rates. For precise loan terms, payment schedules, and qualification requirements, always consult with a licensed lender or financial advisor.