Free Online Loan Calculator
Estimate monthly payments, total interest, and view a full amortization schedule for your loan.
Uses the standard amortization formula. Results are estimates and may differ from your lender's figures.
Principal vs interest
Amortization schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $1,580.17 | $226.00 | $1,354.17 | $249,774.00 |
| 2 | $1,580.17 | $227.23 | $1,352.94 | $249,546.77 |
| 3 | $1,580.17 | $228.46 | $1,351.71 | $249,318.31 |
| 4 | $1,580.17 | $229.70 | $1,350.47 | $249,088.61 |
| 5 | $1,580.17 | $230.94 | $1,349.23 | $248,857.67 |
| 6 | $1,580.17 | $232.19 | $1,347.98 | $248,625.48 |
| 7 | $1,580.17 | $233.45 | $1,346.72 | $248,392.04 |
| 8 | $1,580.17 | $234.71 | $1,345.46 | $248,157.32 |
| 9 | $1,580.17 | $235.98 | $1,344.19 | $247,921.34 |
| 10 | $1,580.17 | $237.26 | $1,342.91 | $247,684.07 |
| 11 | $1,580.17 | $238.55 | $1,341.62 | $247,445.53 |
| 12 | $1,580.17 | $239.84 | $1,340.33 | $247,205.69 |
What is Loan Calculator?
A loan calculator estimates the regular payment required to repay a fixed-rate loan over a set term. It uses the standard amortization formula to split each payment between principal and interest, then builds a full repayment schedule showing the total cost of borrowing. Use this free tool as a monthly payment calculator for personal loans, auto loans, or student loans, or as a loan interest calculator to see exactly how much interest you will pay over the life of the loan. It handles any fixed-rate installment loan and updates instantly as you change the amount, rate, or term.
How to use it
- Enter the loan amount you plan to borrow.
- Enter the annual interest rate (APR) and the loan term in years or months.
- Review your monthly payment, total interest, and total repayment.
- Open the amortization schedule to see how each payment breaks down over time.
Loan payment formula
Monthly payment M = P × [r(1+r)ⁿ] ÷ [(1+r)ⁿ − 1], where P is the principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the number of monthly payments. If the rate is 0, the payment is simply P ÷ n.
Frequently asked questions
An amortization schedule is a table showing each periodic payment split into interest and principal, along with the remaining balance. Early payments are mostly interest; later payments are mostly principal.
The interest rate is the cost of borrowing the principal. The APR (annual percentage rate) includes the interest rate plus fees and other costs, giving a truer picture of what the loan costs per year.
A longer term lowers the monthly payment but increases total interest paid. A shorter term raises the monthly payment but reduces the total cost of the loan.
Most fixed-rate loans allow early repayment, which reduces total interest. Check whether your lender charges a prepayment penalty before making extra payments.
With a 0% rate there is no interest to pay, so the monthly payment is simply the loan amount divided by the number of months. This calculator handles that case automatically.
Yes. Any fixed-rate installment loan — auto, personal, student, or consolidation — uses the same amortization formula. Enter your amount, rate, and term to estimate the payment.
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