Enter your loan amount, interest rate, and term to calculate payments, total interest, and payoff timeline instantly.
Add your loan amount, interest rate, and length.
See monthly payment, total interest, and full amortization schedule.
Compare different scenarios and save your results.
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Our calculator uses the standard amortization formula to break down principal and interest into predictable monthly payments. This type of loan—called an amortized loan—covers common borrowing like mortgages, auto loans, student loans, and personal loans. Each payment gradually reduces your balance until payoff, with interest highest at the start.
Your rate determines the cost of borrowing. APR includes both rate and fees, giving a more accurate total cost.
Most loans compound monthly, meaning interest accrues on both principal and unpaid interest. More frequent compounding means a higher total cost.
Longer terms lower monthly payments but increase total interest. Shorter terms save money but require higher monthly payments.
Backed by collateral such as a home or car. Mortgages and auto loans fall into this category. If you default, the lender may take the asset. These loans often offer lower rates.
Backed only by your creditworthiness. Personal loans, student loans, and credit cards are examples. Since lenders take on more risk, these usually have higher rates and stricter credit requirements.
Use our calculators to compare different loan scenarios and find the best option for your financial situation. By comparing loan types and adjusting amounts, terms, and rates, you can see how repayment plans change. This helps you budget more effectively, understand true borrowing costs, and avoid overextending financially.
Every loan has three core elements that affect your payments:
The interest rate is the base cost of borrowing. APR includes interest plus lender fees, giving a clearer picture of total loan cost. Our APR Calculator can help compare offers.
Interest usually compounds monthly, meaning you pay interest not just on the original balance but also on unpaid interest. The more frequent the compounding, the higher the total cost.
The loan term is the length of repayment. A longer term lowers monthly payments but increases overall interest. A shorter term raises payments but saves money long-term.
Understanding these basics helps you evaluate loan offers, compare lenders, and choose the repayment plan that best fits your budget.
Get answers to common questions about loan calculations
It uses the same amortization formula as banks for fixed-rate loans. Results are reliable, though lender rounding may slightly differ.
Yes, you can print or save as PDF to keep a record or compare multiple loan options.
You can calculate mortgages, auto loans, student loans, and personal loans—any fixed-rate installment loan.
It’s designed for fixed rates. For variable loans, use your current rate for an estimate, knowing future payments may adjust.
The interest rate is the base cost of borrowing. APR includes interest plus lender fees, showing the true cost of your loan.
Longer terms lower monthly payments but increase total interest. Shorter terms mean higher payments but less overall cost.
Yes. Paying extra toward principal reduces total interest and shortens the loan. Ask your lender about prepayment penalties.
Just loan amount, annual interest rate, and term. Optionally add payment frequency for more accuracy.
Yes. All calculations run locally in your browser. No personal or financial data is stored or shared.
Review affordability, total cost, fees, and prepayment terms. Use our calculator to compare loans before committing.