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Loan Calculator
Calculate monthly payments, total interest, and amortization schedule.
How to Use the Loan Calculator
- Enter the loan principal amount.
- Input the annual interest rate and loan term in years.
- Click Calculate to see monthly payment, total interest, and total cost.
Formula & Method
Monthly Payment (Amortization):M = P[r(1+r)ⁿ] / [(1+r)ⁿ - 1]
Where P = principal, r = monthly rate (annual/12), n = total payments (years × 12).
Examples
| Amount | Rate | Term | Monthly |
|---|---|---|---|
| $20,000 | 5% | 5 yr | $377.42 |
| $300,000 | 4% | 30 yr | $1,432.25 |
Frequently Asked Questions
Does this include fees?
No, this calculator shows principal and interest only.
What is amortization?
Amortization is the process of paying off debt over time in equal installments.
Can I calculate mortgage payments?
Yes, enter your home loan amount, rate, and term.
People Also Ask
How is loan interest calculated?
Using the amortization formula that considers principal, rate, and term.
What is APR vs interest rate?
APR includes fees; the interest rate is just the cost of borrowing.