Loan Calculator
Free loan calculator. Find the monthly payment, total interest and total cost for any amortized loan — personal, student or business — with a full amortization schedule.
Loan Details
Monthly Payment
$500.95
Loan Summary
Amortization Schedule (Yearly)
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $4,282 | $1,730 | $20,718 |
| 2 | $4,614 | $1,397 | $16,104 |
| 3 | $4,972 | $1,039 | $11,132 |
| 4 | $5,358 | $653 | $5,774 |
| 5 | $5,774 | $237 | $0 |
How It Works
Enter the loan amount
Type the amount you want to borrow (the principal).
Set the term and rate
Choose your loan term in years or months and enter the annual interest rate.
Review the results
See your monthly payment, the total of all payments, total interest paid and a year-by-year amortization schedule.
A loan is money you borrow and repay in fixed installments over an agreed term, with interest charged on the outstanding balance. Amortized loans — including most personal, auto, student and business loans — are structured so that every payment is the same amount, gradually shifting from mostly interest to mostly principal as the balance shrinks.
This calculator shows the true cost of borrowing: not just the monthly payment, but the total amount you will repay and how much of that is pure interest. Use it to compare offers, test different terms and rates, and decide how much you can comfortably afford before you sign.
Frequently Asked Questions
How is the monthly loan payment calculated?
It uses the standard amortization formula M = P · r · (1 + r)^n / ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the total number of monthly payments. If the interest rate is zero, the payment is simply the principal divided by the number of months.
What is the difference between total payments and total interest?
The total of payments is your monthly payment multiplied by the number of months — the full amount you hand over across the life of the loan. Total interest is that figure minus the original loan amount, representing the cost of borrowing.
How can I lower my monthly payment?
You can lower the monthly payment by borrowing less, securing a lower interest rate, or choosing a longer term. Be aware that a longer term reduces the monthly payment but increases the total interest you pay over time.
What does the amortization schedule show?
The yearly amortization schedule shows how much of your payments goes to principal versus interest each year, plus the remaining balance. Early in the loan most of each payment is interest; later, more goes toward paying down the balance.
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