Loan Calculator
Calculate monthly loan payments, total interest cost, and view detailed amortization schedules. Works for personal loans, mortgages, auto loans, and student loans. Plan your borrowing with confidence.
$
%
years
Results
Monthly Payment
$1,580.17
Total Principal
$250,000.00
Total Interest
$318,861.22
Total Payment
$568,861.22
Payment Breakdown
Principal (43.9%)Interest (56.1%)
Why use a Loan Calculator?
Before taking out a loan, it's crucial to understand the true cost. This calculator shows your monthly payment, total interest over the life of the loan, and how payments are split between principal and interest. Use it to compare different loan terms and find what fits your budget.
Frequently Asked Questions
How is monthly payment calculated?
Monthly payment is calculated using the standard amortization formula, which factors in principal amount, annual interest rate, and loan term. This ensures equal payments throughout the loan duration.
What's included in the total interest?
Total interest is the sum of all interest payments over the loan term. It represents the total cost of borrowing, calculated as total payments minus the original principal amount.
How does loan term affect monthly payments?
Longer loan terms result in lower monthly payments but higher total interest paid. Shorter terms mean higher monthly payments but less total interest and faster debt payoff.
What is an amortization schedule?
An amortization schedule shows how each payment is split between principal and interest over time. Early payments go mostly toward interest, while later payments pay down more principal.
Can I calculate extra payments?
Yes! Enter additional monthly payments to see how they reduce your loan term and total interest. Extra payments go directly toward principal, accelerating your payoff.