Loan Calculator
Enter your loan amount, rate and term — get monthly payment, total cost and a full amortization breakdown instantly.
What is it?
A loan calculator is a financial tool that helps you understand the true cost of borrowing money. Whether you are taking out a mortgage, a car loan, a personal loan or any other type of fixed-rate instalment credit, the same core formula applies: your principal, interest rate and repayment term determine your monthly payment and the total amount you will pay over the life of the loan. Our free online loan calculator takes these three inputs and instantly computes your monthly payment, the total amount repaid, and the total interest paid — the difference between what you borrowed and what you will ultimately pay back. It also generates a full amortization schedule showing, month by month, how much of each payment goes toward interest and how much reduces the principal, so you can see exactly how your debt decreases over time.
How to use it
- Enter the loan amount — the total amount you are borrowing.
- Enter the annual interest rate as a percentage (e.g. 5.5 for 5.5%).
- Enter the loan term in years (most personal loans are 1–7 years; mortgages are typically 15–30 years).
- Read the monthly payment, total repaid and total interest in the results panel — they update instantly.
- Scroll down to see the full amortization schedule, which shows the principal and interest breakdown for each month.
Why use this tool
Understanding the true cost of a loan before you sign is one of the most important financial decisions you can make. The monthly payment is only part of the picture — the total interest paid over the life of a 30-year mortgage can easily exceed the original loan amount. Seeing these numbers clearly before committing helps you make better decisions: choosing a shorter term, making a larger down payment, or shopping for a lower rate. The amortization schedule is particularly valuable. In the early months of most loans, the vast majority of your payment goes toward interest rather than reducing the principal. Knowing this helps you understand why extra payments early in the loan term have an outsized effect on total interest paid. Many people use this insight to make strategic extra payments and save thousands of dollars over the life of a mortgage or car loan. Our calculator works with any currency and any loan type — mortgage, auto, personal, student. The results are entirely private, calculated in your browser with no data stored or transmitted.
Frequently asked questions
What is an amortization schedule?
An amortization schedule is a complete table of loan payments showing, for each period, how much is paid toward interest, how much reduces the principal balance, and what the remaining balance is after the payment.
Why does so much of my early payment go to interest?
Interest is calculated on the remaining balance. At the start of a loan, the balance is highest, so interest takes up most of the payment. As the balance decreases, more of each payment goes to principal. This is why paying extra early saves so much.
Can I use this for a mortgage calculation?
Yes. Enter the loan amount (purchase price minus down payment), the annual interest rate and the term in years. Note that real mortgage payments may also include property tax and insurance (PITI), which are not included here.
How does a lower interest rate affect my loan?
Even a small rate reduction has a significant effect on total interest over a long loan. On a $300,000 30-year mortgage, going from 7% to 6.5% saves over $30,000 in total interest.
What happens if I make extra payments?
Extra payments reduce the principal balance faster, which means less interest accrues. This shortens the loan term and reduces total interest paid. Some lenders charge prepayment penalties — check your loan terms.