Loan Calculator
Calculate your monthly payments, total interest, and view a full amortization schedule instantly. Free, private, and accurate.
What is a Loan Calculator?
A loan calculator is a financial tool that helps you estimate your monthly payments on any type of loan. By entering your loan amount, interest rate, and repayment term, you can instantly see how much you will pay each month and over the life of the loan.
Understanding your loan payments before borrowing is essential for smart financial planning. This calculator uses the standard amortization formula used by banks and lenders worldwide, giving you accurate results you can rely on.
All calculations are performed directly in your browser. Your financial information is never sent to any server, ensuring complete privacy and security.
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
Year 1 | $18,962.04 | $2,794.31 | $16,167.73 | $247,205.69 |
| 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 | $248,392.03 |
| 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 | $247,684.08 |
| 11 | $1,580.17 | $238.55 | $1,341.62 | $247,445.53 |
| 12 | $1,580.17 | $239.84 | $1,340.33 | $247,205.69 |
Year 2 | $18,962.04 | $2,981.45 | $15,980.59 | $244,224.24 |
Year 3 | $18,962.04 | $3,181.11 | $15,780.93 | $241,043.13 |
Year 4 | $18,962.04 | $3,394.18 | $15,567.86 | $237,648.95 |
Year 5 | $18,962.04 | $3,621.47 | $15,340.57 | $234,027.48 |
The monthly payment is calculated using the standard amortization formula: M = P x [r(1+r)^n] / [(1+r)^n - 1], where P is the principal loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments. This formula is the same one used by banks and financial institutions worldwide.
An amortization schedule is a detailed table showing each monthly payment broken down into principal and interest components. Early in the loan, a larger portion of each payment goes toward interest. As the loan matures, more of each payment goes toward reducing the principal balance. This schedule helps you understand exactly where your money goes over the life of the loan.
The interest rate has a significant impact on your monthly payment and total cost. For example, on a $250,000 loan over 30 years, increasing the rate from 6% to 7% raises the monthly payment by about $166 and adds nearly $60,000 to the total interest paid. Even small rate differences matter over long loan terms.
This calculator works for any fixed-rate loan including personal loans, auto loans, student loans, home equity loans, and mortgages. Simply enter the loan amount, annual interest rate, and repayment term to see your estimated monthly payment and full amortization schedule.
Yes, completely. All calculations are performed directly in your browser using JavaScript. No financial data is ever sent to a server, stored in a database, or shared with third parties. Your information stays on your device at all times.
Your inputs are automatically saved in your browser's local storage, so they will be restored when you return to the page. No account or sign-up is required. Note that clearing your browser data will remove saved inputs.