Loan Calculator: Calculate Monthly Payments & Interest | Free
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years
Monthly Payment
Total Payment
Total Interest
Total Months
Loan Calculator Tips
Calculate Monthly Payments
Enter your loan amount, interest rate, and term to instantly see your monthly payment amount.
Total Interest & Cost
See the total interest you'll pay over the life of the loan and the total amount paid.
Works for All Loan Types
Use for mortgages, car loans, personal loans, student loans, or any fixed-rate loan.
Private & Free
All calculations happen in your browser. No data is stored or sent.
Frequently Asked Questions
How do I calculate my monthly loan payment?
Enter your loan amount, annual interest rate, and loan term in years. The monthly payment is calculated using the standard amortization formula.
What types of loans does this work for?
Any fixed-rate loan: mortgages, auto loans, personal loans, student loans, business loans.
How is the monthly payment calculated?
Using the formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is principal, r is monthly rate, n is total months.
Is this loan calculator free?
Yes, completely free with no limits.
How does a larger down payment reduce the total interest paid on a mortgage or auto loan?
A larger down payment directly reduces the principal loan amount. Since interest is calculated on the remaining principal balance, a smaller starting principal means you accrue less interest over the life of the loan. Use our loan calculator to compare scenarios: enter different down payment amounts to see how your monthly payments, and significantly, your total interest paid, decrease with a higher initial investment. This helps you save thousands over the loan term.
How can I use this loan calculator to compare different loan terms, such as deciding between a 15-year and a 30-year mortgage?
To compare different loan terms, simply enter your desired loan amount and interest rate, then first input '15' for the loan term. Note the calculated monthly payment and total interest. Next, change the loan term to '30' and re-calculate. This allows you to quickly see the financial impact of a shorter term (higher monthly payment, much less total interest) versus a longer term (lower monthly payment, significantly more total interest) on your total cost and budget.
How to Use the Loan Calculator
- Enter the loan amount in dollars
- Enter the annual interest rate
- Enter the loan term in years
- View monthly payment, total interest, and total cost