Loan Calculator
Estimate monthly payment and view an amortization schedule. Free, instant, and private.
Results
| Month | Interest | Principal | Balance |
|---|---|---|---|
| 1 | $108.33 | $282.99 | $19,717.01 |
| 2 | $106.80 | $284.52 | $19,432.49 |
| 3 | $105.26 | $286.06 | $19,146.42 |
| 4 | $103.71 | $287.61 | $18,858.81 |
| 5 | $102.15 | $289.17 | $18,569.64 |
| 6 | $100.59 | $290.74 | $18,278.90 |
| 7 | $99.01 | $292.31 | $17,986.59 |
| 8 | $97.43 | $293.90 | $17,692.69 |
| 9 | $95.84 | $295.49 | $17,397.21 |
| 10 | $94.23 | $297.09 | $17,100.12 |
| 11 | $92.63 | $298.70 | $16,801.42 |
| 12 | $91.01 | $300.32 | $16,501.11 |
| 13 | $89.38 | $301.94 | $16,199.16 |
| 14 | $87.75 | $303.58 | $15,895.59 |
| 15 | $86.10 | $305.22 | $15,590.37 |
| 16 | $84.45 | $306.88 | $15,283.49 |
| 17 | $82.79 | $308.54 | $14,974.95 |
| 18 | $81.11 | $310.21 | $14,664.74 |
| 19 | $79.43 | $311.89 | $14,352.86 |
| 20 | $77.74 | $313.58 | $14,039.28 |
| 21 | $76.05 | $315.28 | $13,724.00 |
| 22 | $74.34 | $316.98 | $13,407.02 |
| 23 | $72.62 | $318.70 | $13,088.31 |
| 24 | $70.90 | $320.43 | $12,767.89 |
| 25 | $69.16 | $322.16 | $12,445.72 |
| 26 | $67.41 | $323.91 | $12,121.81 |
| 27 | $65.66 | $325.66 | $11,796.15 |
| 28 | $63.90 | $327.43 | $11,468.72 |
| 29 | $62.12 | $329.20 | $11,139.52 |
| 30 | $60.34 | $330.98 | $10,808.54 |
| 31 | $58.55 | $332.78 | $10,475.76 |
| 32 | $56.74 | $334.58 | $10,141.18 |
| 33 | $54.93 | $336.39 | $9,804.79 |
| 34 | $53.11 | $338.21 | $9,466.58 |
| 35 | $51.28 | $340.05 | $9,126.53 |
| 36 | $49.44 | $341.89 | $8,784.64 |
| 37 | $47.58 | $343.74 | $8,440.90 |
| 38 | $45.72 | $345.60 | $8,095.30 |
| 39 | $43.85 | $347.47 | $7,747.83 |
| 40 | $41.97 | $349.36 | $7,398.47 |
| 41 | $40.08 | $351.25 | $7,047.23 |
| 42 | $38.17 | $353.15 | $6,694.08 |
| 43 | $36.26 | $355.06 | $6,339.01 |
| 44 | $34.34 | $356.99 | $5,982.03 |
| 45 | $32.40 | $358.92 | $5,623.11 |
| 46 | $30.46 | $360.86 | $5,262.24 |
| 47 | $28.50 | $362.82 | $4,899.42 |
| 48 | $26.54 | $364.78 | $4,534.64 |
| 49 | $24.56 | $366.76 | $4,167.88 |
| 50 | $22.58 | $368.75 | $3,799.13 |
| 51 | $20.58 | $370.74 | $3,428.39 |
| 52 | $18.57 | $372.75 | $3,055.63 |
| 53 | $16.55 | $374.77 | $2,680.86 |
| 54 | $14.52 | $376.80 | $2,304.06 |
| 55 | $12.48 | $378.84 | $1,925.22 |
| 56 | $10.43 | $380.89 | $1,544.32 |
| 57 | $8.37 | $382.96 | $1,161.36 |
| 58 | $6.29 | $385.03 | $776.33 |
| 59 | $4.21 | $387.12 | $389.21 |
| 60 | $2.11 | $389.21 | $0.00 |
Disclaimer: Results are estimates for educational purposes and may not reflect your lender's terms.
Frequently Asked Questions
How is the monthly payment calculated?
We use the standard amortization formula: P = [r × PV × (1 + r)^n] / [(1 + r)^n - 1], where P is payment, r is monthly interest rate (annual rate divided by 12), PV is the loan amount (present value), and n is the number of monthly payments. This formula ensures that each payment covers both interest and principal, with the loan fully paid off by the end of the term.
What is an amortization schedule?
An amortization schedule is a table that shows how each loan payment is split between principal and interest over the life of the loan. Early payments primarily cover interest, while later payments go more toward reducing the principal balance. This schedule helps you understand exactly how much you'll pay in interest over time.
Can I export the amortization schedule?
Yes! Click the 'Download CSV' button to export the complete amortization schedule as a CSV file. You can then open it in Excel, Google Sheets, or any spreadsheet software to analyze your payment schedule, create charts, or use it for financial planning.
What's the difference between APR and interest rate?
The interest rate is the cost of borrowing the principal amount. APR (Annual Percentage Rate) includes the interest rate plus any additional fees or costs associated with the loan. For comparison purposes, APR gives you a more accurate picture of the total cost of borrowing. Our calculator uses the interest rate you provide.
How does the loan term affect my payments?
A longer loan term (e.g., 30 years vs. 15 years) results in lower monthly payments but higher total interest paid over the life of the loan. A shorter term means higher monthly payments but less total interest. Use this calculator to compare different term options and find the balance that works for your budget.
Can I calculate different types of loans with this calculator?
Yes! This calculator works for any type of amortizing loan, including personal loans, auto loans, student loans, and mortgages. Simply enter the loan amount, interest rate, and term to get your payment schedule. Note that some loans may have additional fees not included in this calculation.
What if I want to make extra payments?
This calculator shows the standard payment schedule. If you plan to make extra payments, you'll pay off the loan faster and save on interest. To see the impact of extra payments, you'd need to recalculate with a shorter term or use a specialized prepayment calculator.
Is the interest rate fixed or variable?
This calculator assumes a fixed interest rate. If you have a variable-rate loan, your payments may change over time. For variable-rate loans, use the current rate as an estimate, but be aware that your actual payments may fluctuate.
How accurate are these calculations?
Our calculations use standard financial formulas and are mathematically accurate. However, actual loan terms may include additional fees, points, or other costs not reflected here. Always consult with your lender for exact payment amounts and terms.
Can I use this for refinancing calculations?
Yes, you can use this calculator to estimate payments on a refinanced loan. Enter the new loan amount (which may be different from your original loan if you're cashing out or paying closing costs), the new interest rate, and the new term to see your new payment schedule.
What happens if I miss a payment?
This calculator shows the ideal payment schedule. Missing payments can result in late fees, increased interest, and damage to your credit score. If you're struggling to make payments, contact your lender immediately to discuss options like deferment or loan modification.
How do I reduce the total interest I pay?
To reduce total interest: (1) Choose a shorter loan term if you can afford higher monthly payments, (2) Make extra principal payments when possible, (3) Refinance to a lower interest rate if rates have dropped, or (4) Make bi-weekly payments instead of monthly (effectively making one extra payment per year).
Introduction
A loan calculator is an essential tool for anyone considering borrowing money, whether for a mortgage, auto loan, personal loan, or any other type of financing. Understanding your monthly payment, total interest cost, and how your loan balance decreases over time is crucial for making informed financial decisions.
This free loan calculator helps you estimate your monthly payments and view a complete amortization schedule before you commit to a loan. It's perfect for comparing different loan options, understanding the true cost of borrowing, and planning your budget accordingly.
Whether you're a first-time homebuyer, looking to refinance, or considering a personal loan, this tool provides instant, accurate calculations with no sign-up required and complete privacy.
How to Use the Loan Calculator
Follow these simple steps to calculate your loan payments and view your amortization schedule:
- 1
Enter Loan Amount
Input the total amount you're borrowing. This is the principal that you'll be paying back over the loan term.
- 2
Enter Interest Rate
Enter the annual interest rate (APR) as a percentage. For example, if your rate is 6.5%, enter 6.5. This is the annual rate, which will be converted to a monthly rate for calculations.
- 3
Enter Loan Term
Specify the loan term in years. Common terms are 15 or 30 years for mortgages, 3-7 years for auto loans, and 1-5 years for personal loans. The calculator will convert this to months automatically.
- 4
Review Results
The calculator will instantly show your monthly payment, total interest over the life of the loan, and a complete amortization schedule showing how each payment is allocated.
- 5
Export Schedule (Optional)
Click 'Download CSV' to export the full amortization schedule to a spreadsheet for further analysis or record-keeping.
Loan Payment Formula Explained
The monthly payment for an amortizing loan is calculated using the standard amortization formula:
P = [r × PV × (1 + r)^n] / [(1 + r)^n - 1]
Where:
P = Monthly Payment
r = Monthly Interest Rate (Annual Rate ÷ 12)
PV = Present Value (Loan Amount)
n = Number of Monthly Payments (Term in Years × 12)
This formula ensures that each payment covers both interest and principal, with early payments primarily covering interest and later payments going more toward principal reduction. The loan is fully paid off by the end of the term.
For example, a $20,000 loan at 6.5% APR for 5 years results in a monthly payment of approximately $391. Over the 60-month term, you'll pay about $3,460 in total interest, bringing your total repayment to $23,460.
Tips & Best Practices
1. Compare Multiple Scenarios
Try different loan terms and interest rates to see how they affect your monthly payment and total interest. A longer term means lower monthly payments but more interest over time.
2. Consider Your Budget
Make sure your monthly payment fits comfortably within your budget. Financial experts recommend keeping total debt payments (including this loan) below 36% of your gross monthly income.
3. Factor in Additional Costs
Remember that this calculator shows principal and interest only. Your actual monthly payment may include property taxes, insurance, PMI (for mortgages), or other fees. Always get a complete quote from your lender.
4. Understand the Amortization Schedule
Review the schedule to see how much interest you'll pay over time. Early payments are mostly interest, which is why making extra principal payments early can significantly reduce total interest.
5. Use for Refinancing Decisions
Compare your current loan payments with potential refinance terms. Consider closing costs and how long you'll stay in the home to determine if refinancing makes financial sense.
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