Free Loan Calculator
Calculate your monthly payment, total interest and full amortization schedule for any fixed-rate loan. Everything runs in your browser — nothing is stored.
Loan details
Total term: 60 months
Monthly payment
$500.95
Total interest
$5,056.92
Total repaid
$30,056.92
How to use this loan calculator
- Enter the amount you plan to borrow and choose your currency symbol.
- Enter the annual interest rate quoted by the lender.
- Set the term in years, adding extra months for terms like 5 years and 6 months.
- Read the monthly payment, total interest and total repaid figures.
- Expand the amortization schedule to see the principal/interest split per payment.
Common mistakes when comparing loans
- Judging a loan by its monthly payment alone. Stretching the term lowers the payment while quietly increasing total interest.
- Ignoring fees. Origination and processing charges do not show up in the interest rate — check the APR.
- Forgetting non-loan costs. Property tax, insurance and maintenance are not part of an amortization schedule but still hit your budget.
- Assuming rates are fixed. Variable-rate loans can reprice; this tool models fixed-rate loans only.
Frequently Asked Questions
How is a monthly loan payment calculated?+
Lenders use the amortization formula P = A·r / (1 − (1 + r)^−n), where A is the loan amount, r is the monthly interest rate (annual rate divided by 12) and n is the number of monthly payments. Every payment covers the interest accrued that month first, and whatever is left reduces the principal.
Why does most of my early payment go to interest?+
Interest is charged on the outstanding balance, which is highest at the start. As the principal shrinks, the interest portion of each payment falls and the principal portion grows — which is exactly what the amortization schedule in this tool shows row by row.
What is the difference between interest rate and APR?+
The interest rate only prices the borrowed money. APR also folds in fees such as origination charges, so it is usually higher and is the better number for comparing offers from different lenders.
Does a shorter loan term save money?+
Yes. A shorter term raises the monthly payment but cuts total interest sharply, because the balance is outstanding for fewer months. Try the same amount and rate over 3, 5 and 7 years to see the difference.
How much does a small rate change matter?+
More than most people expect on long loans. On a 30-year mortgage, a 0.5% rate difference can change total interest by tens of thousands. Re-run the calculation with both rates before accepting an offer.
Can I use this for a mortgage or a car loan?+
Yes. Any fixed-rate, fully amortizing loan works — mortgages, auto loans, personal loans and student loans. It does not model variable rates, interest-only periods, balloon payments, taxes or insurance escrow.
Do extra payments change the schedule?+
Extra payments go straight to principal, which shortens the term and reduces total interest. This calculator shows the standard schedule; to approximate the effect of paying extra, shorten the term until the payment matches what you plan to pay.
Is my data sent anywhere?+
No. The entire calculation runs in your browser. Nothing you type is transmitted, logged or stored on our servers.
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