Loan Calculator
Calculate monthly loan payments including interest and principal. See full amortization schedule showing how much goes to interest vs principal each month. Adjust loan amount, rate, and term.
Discover More Free Tools
How to Use This Tool
- Enter the loan amount (principal) you want to borrow.
- Enter the annual interest rate and loan term in years.
- Click 'Calculate' to see your monthly payment, total interest, and total cost.
- Review the amortization schedule to see how each payment is split between principal and interest.
Related Tools
Mortgage Calculator
Estimate your monthly mortgage payment including principal, interest, property tax, and insurance. See total cost over the loan term and how extra payments shorten it.
Compound Interest Calculator
See how compound interest grows your money over time. Adjust principal, monthly contributions, rate, and compounding frequency. Shows year-by-year breakdown.
Age Calculator
Calculate exact age in years, months, and days from any birth date. Shows total months, weeks, and days lived. Also calculates age on a specific future or past date.
Frequently Asked Questions
How is the monthly loan payment calculated?
Monthly payment = P × (r(1+r)^n) / ((1+r)^n - 1), where P is the principal, r is the monthly interest rate, and n is the number of payments. This is the standard amortization formula used by banks.
What is an amortization schedule?
An amortization schedule is a table showing each payment over the loan term, broken down into principal and interest portions. Early payments are mostly interest; later payments are mostly principal.
Does this calculator include taxes and insurance?
This calculator focuses on principal and interest payments. For mortgages, you would need to add property taxes and insurance separately to get your full monthly payment.
Can I use this for any type of loan?
Yes. This calculator works for any fixed-rate loan including personal loans, auto loans, student loans, and business loans. Just enter your specific loan terms.
Does this calculator include interest rates?
Yes, our loan calculator computes monthly payments based on the loan amount, interest rate, and loan term. It shows the total payment amount and total interest paid over the life of the loan.