Loan Calculator
Enter your loan amount, rate and term to see your monthly payment, total cost and full amortization schedule — instantly.
Just adjusts the suggested slider ranges below — the math stays the same for every type.
Amortization schedule
| # | Payment | Principal | Interest | Remaining balance |
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This calculator is for educational and estimation purposes only and is not financial advice. Real loans may include fees, taxes, insurance or a variable rate that this tool doesn't account for — confirm exact terms with your lender.
How it works
Enter your loan details
Type the loan amount, interest rate and term — or drag the sliders for a quick estimate.
See your numbers instantly
Your monthly payment, total payment and total interest update live as you adjust the fields.
Check the full breakdown
Open the amortization schedule to see exactly how much of each payment goes to interest vs. principal.
What people use a loan calculator for
A quick payment estimate helps before you sign anything — here are a few common cases.
Buying a car
Consolidating debt
Planning a personal loan
Evaluating a mortgage
Comparing bank offers
A few things worth knowing before you borrow
A loan calculator like this one takes three numbers — how much you're borrowing, the interest rate, and how long you'll take to pay it back — and works out the fixed payment that clears the debt exactly on schedule. It's the same math a bank uses behind the scenes, just without the sales pitch, so you can play with the numbers freely before you're sitting across from a loan officer.
One habit worth building: keep the price of what you're buying separate from how you're financing it. A car salesperson quoting you "$300 a month" can hide a worse deal than a higher sticker price with a shorter, cheaper loan — run both scenarios through the calculator and compare the total cost, not just the monthly number. That total-cost view matters even more with term length. Stretching a loan from 4 years to 7 years can shrink the monthly payment noticeably, but it also means paying interest for three more years, which usually adds up to real money lost, not saved.
Before you sign, it's also worth asking your lender directly whether there's a penalty for paying the loan off early. Some loans are structured so extra payments go straight toward principal and save you interest; others charge a fee if you pay off the balance ahead of schedule. That single question can change whether an aggressive repayment plan actually makes financial sense for you.
Frequently asked questions
How is the monthly loan payment calculated?
This calculator uses the standard amortization formula: it turns your annual interest rate into a monthly rate, then solves for the fixed monthly payment that fully pays off the loan amount over the number of months in your term, with interest included.
What's the difference between the monthly payment and the total payment?
The monthly payment is what you pay each period. The total payment is that amount multiplied by every payment over the full term, and it's always higher than the loan amount because it includes total interest.
Does a longer loan term always cost more?
A longer term lowers your monthly payment, but you'll almost always pay more in total interest over the life of the loan, since interest keeps accruing on the balance for more months. A shorter term raises the monthly payment but usually reduces total interest.
Is this loan calculator accurate for my actual loan?
It gives an accurate estimate for a standard fixed-rate, fixed-term loan using the amount, rate and term you enter. Real loans can include fees, taxes, insurance or variable rates that this tool doesn't account for — always confirm exact figures with your lender.
What is an amortization schedule?
It's a breakdown of every payment over the loan's life, showing how much goes toward interest versus principal (the actual amount borrowed) at each step, and how your remaining balance shrinks over time.
Is this financial advice?
No. This tool is for education and estimation only. It doesn't account for your full financial situation, fees, or lender-specific terms, so it shouldn't replace advice from a qualified financial professional.