Loan Calculator
Calculate your loan payments instantly with our comprehensive loan calculator. See monthly payments, total interest, complete amortization schedule, and the impact of extra payments. Perfect for mortgages, auto loans, personal loans, and more.
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How to Use
- 1 Enter loan details — Input your loan amount, annual interest rate (e.g., 5.5 for 5.5%), loan term in years, and start date. Choose your currency symbol from the dropdown.
- 2 View instant results — See your monthly payment amount, total interest to be paid over the loan term, and total amount paid. The payoff date is also displayed.
- 3 Review amortization schedule — Examine the complete payment breakdown by month or year. Toggle between monthly and yearly views. See how much of each payment goes to principal vs interest and track your remaining balance.
- 4 Calculate extra payment impact — Use the extra payments feature to see how additional monthly payments can reduce your loan term and save you money on interest. View months saved and total interest saved.
- 5 Export and share — Download the complete amortization schedule as a CSV file for your records or to import into spreadsheet software.
Frequently Asked Questions
How is the monthly payment calculated?
Monthly payments are calculated using the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is the principal loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the total number of payments (years × 12). For 0% interest loans, it's simply the principal divided by the number of months.
What's the difference between principal and interest?
Principal is the original amount you borrowed or the remaining balance of your loan. Interest is the cost of borrowing money, charged as a percentage of the remaining balance. Early in the loan, most of your payment goes toward interest. Over time, more goes toward principal as the balance decreases.
How do extra payments help?
Extra payments go directly toward reducing your principal balance, which decreases the amount of interest charged in future months. This can significantly shorten your loan term and save thousands in interest. Even small extra payments made consistently can have a big impact over time.
Should I view monthly or yearly schedules?
Monthly schedules show every single payment throughout the loan term, giving you the most detailed view. This is best for short-term planning and seeing exactly how each payment is applied. Yearly schedules group payments by year, making it easier to see long-term trends and annual progress, especially for long-term loans like 30-year mortgages.
Is this calculator accurate for all loan types?
This calculator is accurate for standard fixed-rate amortizing loans including mortgages, auto loans, and personal loans. It assumes fixed monthly payments and a constant interest rate. It may not be accurate for variable-rate loans, interest-only loans, balloon payments, or loans with changing payment schedules. Always verify with your lender for exact terms.