Loan Calculator
Free loan payment calculator. Enter amount, interest rate and term to get your monthly payment, total interest and total cost instantly. Nothing is uploaded.
About the Loan Calculator
Enter the loan amount, annual interest rate and term, and this calculator instantly returns your fixed monthly payment, the total interest you will pay over the life of the loan, and the grand total. The colored bar shows how much of your money goes to the principal versus interest — on long loans that split can be sobering.
How the monthly payment is calculated
Fixed-payment loans (mortgages, auto loans, personal loans) use the amortization formula:
M = P × r(1+r)n ÷ ((1+r)n − 1)
where P is the loan amount, r is the periodic (monthly) interest rate — the annual rate divided by 12 — and n is the total number of payments. Early payments are mostly interest; as the balance shrinks, more of each payment goes toward the principal.
Tip: shorten the term and watch total interest collapse. The same $250,000 loan at 6.5% costs roughly half the interest over 15 years compared to 30.
Frequently asked questions
Does paying extra on my loan help?
Yes. Extra payments reduce the principal balance directly, which means less interest accrues each month and the loan is paid off sooner. This calculator shows the baseline schedule; even $50–100 extra per month can cut years off a mortgage.
What is the difference between APR and interest rate?
The interest rate is the raw cost of borrowing. APR bundles in lender fees and some closing costs, so it is usually slightly higher and better for comparing loan offers side by side.
Is this calculator accurate for mortgages?
It computes the standard fixed-rate amortization payment precisely. It does not include property tax, home insurance, PMI or HOA fees, which lenders often bundle into a monthly escrow payment.
Do you store my loan details?
No. The math runs entirely in your browser. Nothing is transmitted or saved anywhere.