Loan Calculator - Calculate Monthly Payments, Interest & Amortization
Calculate monthly loan payments, total interest paid, and full amortization schedules for mortgages, auto loans, and personal financing.
This tool runs in your browser.
Your result will appear here.
How to use
- 01Enter loan principal amount, loan duration (years/months), and annual interest rate.
- 02Select amortized fixed payment or reducing principal repayment mode.
- 03Review monthly payment amounts, total interest charges, and full payment schedules.
FAQ
What is the formula used for calculating fixed monthly loan payments?
Fixed installments use the standard amortization formula: M = P[r(1+r)^n] / [(1+r)^n - 1], where P is principal, r is monthly interest rate, and n is number of months.
How do extra payments affect total interest charges?
Extra payments reduce the remaining principal balance directly, which accelerates payoff time and drastically lowers lifetime compound interest costs.
Can this tool calculate mortgages as well as auto and personal loans?
Yes. As long as you enter principal amount, term length, and annual interest percentage, it applies to any standard installment financing agreement.