Loan Calculator
Loan Details
Quick Examples
• $200,000 at 5.5% for 30 years = $1,135/month
• $30,000 at 6% for 5 years = $580/month
• $500,000 at 4% for 15 years = $3,698/month
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The $82 Monthly Discount That Costs $880
Take a $20,000 loan at 7.9% APR: over 48 months it runs about $487 per month and roughly $3,390 in total interest. Stretch the same loan to 60 months and the payment drops to about $405 — but total interest climbs to roughly $4,270. That is the pattern to internalize: the 60-month offer is $82 cheaper every month and $880 more expensive overall. Neither answer is wrong; the point is choosing the trade-off knowingly instead of by payment size alone.
Where the Calculator's Assumptions End
The model assumes a fixed rate, fixed payments, and no fees beyond the rate — three assumptions worth checking against reality. Advertised APRs usually already include fees, which is why APR is the comparison figure, not the nominal rate. Variable-rate loans change the math entirely and will not match a fixed-rate projection. And prepayment works in the borrower's favor non-linearly: extra principal paid in the early months removes interest that would have compounded for years, which is why paying $50 extra monthly beats a lump sum years later.
About Loan Calculator
Loan shopping optimizes the wrong number surprisingly often: the monthly payment. Lenders advertise payment affordability, but for any fixed-rate amortized loan — mortgage, auto, personal, student — the payment and the term are a trade, and the total interest is what the trade costs. The calculator's real job is making that trade visible: same amount, same rate, different term, and the difference in lifetime interest sits in plain sight instead of hiding behind a smaller monthly figure.
How to Use
Step 1
Enter the loan amount (principal) you want to borrow
Step 2
Enter the annual interest rate (APR) as a percentage
Step 3
Enter the loan term in years (e.g., 30 for a 30-year mortgage)
Step 4
Click 'Calculate' to see your monthly payment
Step 5
View the payment breakdown: loan amount, total interest, total payment
Step 6
See the number of monthly payments (loan term × 12)
Step 7
Click 'Show Schedule' to view the complete amortization schedule
Step 8
The schedule shows how each payment is split between principal and interest
Step 9
Watch how the balance decreases over time as you pay down the loan
Features & Benefits
- ✅Calculate monthly loan payments instantly
- ✅View total interest paid over the life of the loan
- ✅See total payment amount (principal + interest)
- ✅Complete amortization schedule with month-by-month breakdown
- ✅Shows principal payment, interest payment, and remaining balance for each month
- ✅Large monthly payment display for easy viewing
- ✅Detailed payment breakdown with color coding
- ✅Supports any loan amount up to $100 million
- ✅Interest rates from 0% to 50%
- ✅Loan terms from 1 to 50 years
- ✅Supports decimal values (e.g., $199,999.99, 5.75%)
- ✅Toggle amortization schedule visibility
- ✅Scrollable schedule table for long-term loans
- ✅Clear button to reset calculator
- ✅Input validation to prevent errors
- ✅100% browser-based - data never sent to server
- ✅100% free - no limits, no signup required
FAQs
How is the monthly payment calculated?
The monthly payment is calculated using the standard loan amortization formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where M is the monthly payment, P is the principal (loan amount), r is the monthly interest rate (annual rate ÷ 12), and n is the number of payments (years × 12). This formula ensures you pay off the loan completely by the end of the term.
What is an amortization schedule?
An amortization schedule is a table showing each loan payment over time. It breaks down how much of each payment goes toward principal (reducing the loan balance) versus interest (the cost of borrowing). Early payments are mostly interest, while later payments are mostly principal. This schedule helps you see exactly how your loan will be paid off.
Why is most of my early payment going to interest?
This is normal for amortized loans. Interest is calculated on the remaining balance, which is highest at the start. As you pay down the principal, the balance decreases, so less interest accrues each month. By the end of the loan, most of your payment goes to principal because the balance is small.
What's the difference between APR and interest rate?
The interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus other loan costs like origination fees, closing costs, and mortgage insurance. This calculator uses the interest rate. For the most accurate payment estimate, ask your lender for the APR and any additional fees.
How much interest will I pay over the life of the loan?
The calculator shows 'Total Interest' in the payment breakdown. This is the difference between the total amount you'll pay (monthly payment × number of payments) and the original loan amount. For example, a $200,000 loan at 5.5% for 30 years results in about $209,000 in interest, meaning you'll pay $409,000 total.
Can I pay off my loan early?
Most loans allow early payoff, but some have prepayment penalties. Check your loan agreement. Paying extra toward principal each month can significantly reduce total interest and shorten the loan term. Even small extra payments make a big difference over time.
What loan term should I choose?
Shorter terms (15 years) have higher monthly payments but lower total interest. Longer terms (30 years) have lower monthly payments but higher total interest. Choose based on your budget and financial goals. A 30-year mortgage at 5.5% costs about 2× the interest of a 15-year mortgage, but monthly payments are ~40% lower.
How does my credit score affect my loan?
Your credit score significantly impacts your interest rate. Higher scores (740+) get the best rates, while lower scores get higher rates or may not qualify. A 1% difference in interest rate can cost tens of thousands of dollars over a 30-year mortgage. Improve your credit score before applying for better rates.
What's a good interest rate for a loan?
It depends on the loan type and current market rates. As of 2024: mortgages are typically 6-8%, auto loans 5-10%, personal loans 8-15%, and student loans 4-8%. Rates vary based on credit score, loan term, down payment, and economic conditions. Shop around and compare offers from multiple lenders.
Should I make a larger down payment to reduce my loan?
Generally, yes. A larger down payment reduces your loan amount, monthly payment, and total interest paid. For mortgages, 20%+ down avoids PMI (private mortgage insurance). However, keep enough savings for emergencies. Balance down payment size with maintaining a healthy emergency fund.
What's included in my monthly mortgage payment?
This calculator shows only principal and interest (P&I). Your actual mortgage payment may also include property taxes, homeowners insurance, HOA fees, and PMI (if down payment < 20%). These are often bundled into your monthly payment through an escrow account. Ask your lender for the total monthly payment including all costs.
Can I use this for any type of loan?
Yes! This calculator works for any fixed-rate amortized loan: mortgages, auto loans, personal loans, student loans, business loans, and more. It assumes fixed monthly payments and a fixed interest rate. It does not work for credit cards, lines of credit, or variable-rate loans.
Is my loan information secure?
Yes! All loan calculations happen entirely in your browser using JavaScript. Your loan amounts, interest rates, and results never leave your device and are not sent to any server, ensuring complete privacy and security.