About Loan Calculator
This loan calculator estimates the monthly payment on a fixed-rate loan from the amount, the annual interest rate and the term, which you can enter in years or months. It uses the standard amortization formula and shows the monthly payment, the total you will pay and the total interest, plus a payment schedule that splits each month into principal, interest and remaining balance.
Results are estimates for information only, not an offer or financial advice. The calculation assumes a constant rate and equal monthly payments, and does not include fees, insurance, taxes or variable rates, so your lender's figures may differ. For best results, use the exact rate and term from your offer. The schedule view lists up to 360 months. All inputs stay in your browser.
How to use Loan Calculator
- 01
Enter the loan amount and interest rate.
- 02
Set the term in years or months.
- 03
See the monthly payment and full schedule.
When to use it
- Compare monthly payments for a car loan at different terms before visiting a lender.
- See how much total interest a personal loan costs over its full term.
- Test how a shorter or longer term changes the monthly payment.
- Read the month-by-month balance to see how fast principal is repaid.
- Estimate a zero-interest installment plan, which divides the amount equally by months.
Frequently asked questions
How is the monthly loan payment calculated?
The tool uses the standard amortization formula: payment = P x i / (1 - (1 + i)^-n), where P is the amount, i the monthly rate (annual rate / 12) and n the number of months. At 0% interest it divides the amount by the months.
Does it include fees or insurance?
No. Only principal and interest are calculated. Processing fees, insurance, taxes and other charges are not included, so the lender's actual payment and total cost may be higher. Treat results as an estimate only.
Can I enter the term in months?
Yes. Set the term unit to Months or Years. A 5 year term is treated as 60 monthly payments, and a decimal value is rounded to the nearest whole number of months.
What does the payment schedule show?
For each month it lists the principal portion, the interest portion and the remaining balance. Early payments are mostly interest, and the principal share grows over time. The table shows up to 360 months.
Does this work for mortgages and car loans?
It can give a rough estimate for any fixed-rate loan paid in equal monthly instalments. It does not cover variable rates, balloon payments or extra repayments, so confirm figures with your lender.
Is my loan information stored?
No. The amounts you enter are used only in your browser to calculate the result and are not uploaded. Results are estimates for information only and not financial advice.