Loan Calculator
Calculate monthly payments, total interest, and view amortization schedules for mortgages, auto loans, personal loans, and more.
Loan Details
Amortization Schedule
View a detailed breakdown of each payment over the life of your loan. See how your balance decreases over time and how much goes toward interest vs. principal.
| Payment # | Payment Date | Payment Amount | Principal | Interest | Extra Payment | Remaining Balance |
|---|---|---|---|---|---|---|
| Calculate a loan to see the amortization schedule | ||||||
Loan Comparison
Compare different loan options side by side to find the best one for your needs. Add up to three loans to compare interest rates, monthly payments, and total costs.
Add a loan using the button above to start comparing options
How to Use the Loan Calculator
Enter Loan Details
Input your loan amount, interest rate, loan term, and payment frequency in the calculator fields.
Review Your Results
After clicking "Calculate Loan", you'll see your monthly payment, total payments, total interest, and an estimated payoff date.
Explore Additional Features
View the amortization schedule to see a payment-by-payment breakdown, or use the loan comparison tool to compare different loan options.
Frequently Asked Questions
How is the monthly payment calculated?
The monthly payment is calculated using the formula: Payment = P × (r × (1 + r)^n) ÷ ((1 + r)^n - 1), where P is the principal amount, r is the monthly interest rate (annual rate divided by 12), and n is the total number of payments.
What's the difference between fixed-rate and variable-rate loans?
A fixed-rate loan maintains the same interest rate throughout the entire term, which means your monthly payment remains the same. A variable-rate loan has an interest rate that may change over time based on market conditions, which means your payment amount could increase or decrease. This calculator assumes a fixed interest rate.
How do extra payments affect my loan?
Making extra payments reduces your principal balance faster, which decreases the amount of interest you'll pay over the life of the loan and can help you pay off your loan earlier. Even small additional payments can make a significant difference over time. Use the "Extra Payment" option in the advanced settings to see the impact.
What is an amortization schedule?
An amortization schedule is a table showing each payment throughout the life of your loan, along with a breakdown of how much goes toward the principal and how much toward interest. It also shows the remaining balance after each payment. This helps you understand how your loan balance decreases over time.