Note: Results are estimates for informational purposes only. Actual loan payments may vary based on lender fees, origination charges, and other terms. Always review your loan agreement carefully and consult a financial advisor.
Free Loan Payment Calculator – Plan Your Borrowing
Calculate your monthly loan payment, total interest, and complete amortization schedule for a personal, auto, student, or business loan — compare different amounts, rates, and terms to find an affordable plan, with a visual donut chart and payment distribution bars showing exactly where your money goes, plus a detailed year-by-year or month-by-month breakdown of principal and interest, all calculated instantly in your browser with nothing ever sent to a server.
Frequently Asked Questions
How is my monthly loan payment calculated?▼
Your monthly loan payment is calculated using the standard amortization formula: P × r × (1+r)^n / ((1+r)^n - 1), where P is your loan principal, r is your monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments. This works for personal, auto, student, and business loans.
What's the difference between using years and months for loan term?▼
Years is more common for long-term loans like mortgages (15-30 years) and student loans (5-20 years). Months is better for short-term loans like auto loans (36-72 months) or personal loans (12-60 months). This calculator supports both units for maximum flexibility.
What factors affect my loan's total interest cost?▼
Three main factors determine total interest: loan amount (higher principal = more interest), interest rate (higher rate = more interest), and loan term (longer term = more interest even with lower monthly payments). This calculator helps you visualize the impact of each factor.
What is an amortization schedule and why is it useful?▼
An amortization schedule shows each loan payment broken down into principal and interest portions, plus the remaining balance. For loans with longer terms (over 24 months), the schedule is shown yearly. For shorter terms, monthly breakdown helps you see exactly how each payment reduces your balance over time.
Are these loan calculations accurate for real-world loans?▼
This calculator uses the standard loan amortization formula used by banks and lenders for simple interest loans. However, actual loans may include origination fees, prepayment penalties, or other charges. Always review your loan agreement and consult with your lender for exact payment amounts.
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