Loan Calculator
Last verified · Methodology
Calculate your monthly payments, total interest, and view a full amortization schedule instantly. Free, private, and accurate.
Enter loan details
Input the loan amount, annual interest rate, and repayment term. Works for personal loans, auto loans, student loans, and home equity loans.
See your payment instantly
The calculator shows your monthly payment, total interest, and total amount paid. Adjust any input to compare scenarios side by side.
Review the amortization schedule
Each row shows exactly how much goes to principal vs interest each month. Early payments are mostly interest; later payments build equity faster.
How loan interest works
Every fixed-rate loan payment is split between principal (the amount you borrowed) and interest (the cost set by the interest rate). In month one, most of the payment covers interest because the full balance is outstanding. As you pay down the principal, the interest portion shrinks and more of each payment reduces your balance. This is standard amortization.
For a $20,000 personal loan at 8% over 48 months, your monthly payment is $488. In the first month, $133 goes to interest and $355 reduces the balance. By month 40, only $30 goes to interest and $458 reduces the balance. Total interest paid: $3,437. When comparing loan offers, check the APR rather than just the stated rate, since APR includes lender fees like the origination fee and gives you a true apples-to-apples comparison.
If you have trouble qualifying on your own, adding a co-signer with strong credit can help you get approved or secure a lower rate. The co-signer is equally responsible for repayment, so both parties should understand the obligation before signing.
| Loan Amount | 3 Years | 5 Years | 7 Years |
|---|---|---|---|
| $5,000 | $154 | $99 | $75 |
| $10,000 | $309 | $198 | $151 |
| $15,000 | $463 | $297 | $226 |
| $25,000 | $772 | $495 | $377 |
| $40,000 | $1,235 | $792 | $603 |
| $50,000 | $1,544 | $990 | $754 |
The monthly payment is calculated using the standard amortization formula: M = P x [r(1+r)^n] / [(1+r)^n - 1], where P is the principal loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments. This formula is the same one used by banks and financial institutions worldwide.
An amortization schedule is a detailed table showing each monthly payment broken down into principal and interest components. Early in the loan, a larger portion of each payment goes toward interest. As the loan matures, more of each payment goes toward reducing the principal balance. This schedule helps you understand exactly where your money goes over the life of the loan.
The interest rate has a significant impact on your monthly payment and total cost. For example, on a $250,000 loan over 30 years, increasing the rate from 6% to 7% raises the monthly payment by about $166 and adds nearly $60,000 to the total interest paid. Even small rate differences matter over long loan terms.
This calculator works for any fixed-rate loan including personal loans, auto loans, student loans, home equity loans, and mortgages. Simply enter the loan amount, annual interest rate, and repayment term to see your estimated monthly payment and full amortization schedule.
Yes, completely. All calculations are performed directly in your browser using JavaScript. No financial data is ever sent to a server, stored in a database, or shared with third parties. Your information stays on your device at all times.
Your inputs are automatically saved in your browser's local storage, so they will be restored when you return to the page. No account or sign-up is required. Note that clearing your browser data will remove saved inputs.
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