Loan Calculator
Free loan and amortization calculator. Enter the loan amount, annual interest rate and term in years to get your monthly payment, total amount paid and total interest using the standard amortization formula. Handles 0% interest loans too. Runs entirely in your browser.
Loan details
Payment
How to use the Loan Calculator
- 1Enter the loan amount (principal) in the amount field - for example 25000 for a car loan or 300000 for a mortgage.
- 2Type the annual interest rate as a percentage, such as 6.5, using the rate your lender quoted or a rate you want to test.
- 3Set the term in years or months depending on the selector, for example 5 years or 60 months.
- 4Read the three results that appear: the fixed monthly payment, the total amount paid over the full term, and the total interest.
- 5Change one input at a time - shorten the term or drop the rate half a point - and recalculate to see exactly which number moved and by how much.
- 6Compare the total-interest figures between two scenarios, not just the monthly payments, to judge the real cost of a longer term or higher rate.
About the Loan Calculator
The Loan Calculator takes the three numbers a lender starts from - the loan amount (principal), the annual interest rate, and the repayment term - and returns your fixed monthly payment, the total you will repay over the life of the loan, and how much of that total is interest rather than principal. It applies the standard amortization formula, M = P * r * (1 + r)^n / ((1 + r)^n - 1), where P is the principal, r is the annual rate divided by 12, and n is the number of monthly payments. That is the same fixed-rate installment math used for car loans, personal loans, and mortgages, so the payment shown here tracks a lender's principal-and-interest quote closely; the small gaps you may notice come from rounding, day-count conventions, or fees that a lender folds into the balance. The calculation runs entirely in your browser in JavaScript. The figures you type stay on your device - they are never uploaded, logged, or stored - so you can model a real salary-backed borrowing amount or private debt without it leaving your screen. A few things it answers well: how a 48-month car loan compares to a 60-month one, where the longer term cuts the monthly payment but adds hundreds or thousands in interest; whether an 11% personal loan actually beats carrying the same balance on a card; roughly what a mortgage costs before you sit down with a broker; and, by testing amounts, the largest loan whose payment fits a set monthly budget. Because it recalculates instantly, the useful habit is to run the same loan at several rates - even a half-point swing moves the total interest more than most people expect - and to read the total-paid figure alongside the monthly payment, since a comfortable monthly number can quietly hide a large interest bill over a long term. It is deliberately narrow: principal and interest only, no accounts, no sign-up, no data collected, just the amortization math done in the open so you can iterate until the numbers make sense.
Frequently asked questions
Does the result include property tax, insurance, PMI, or loan fees?
No. It returns only the principal-and-interest payment from the amortization formula. A real mortgage bill is higher because it adds property tax and homeowners insurance through escrow, and sometimes PMI; some loans also fold origination or processing fees into the financed balance. Calculate those separately and add them to get your true monthly outlay.
Why is my payment a few dollars off from the bank's quote?
The gap almost always comes from rounding, a different day-count method at the lender, or fees baked into the balance. This tool divides the annual rate by 12 for standard monthly compounding. If the bank gave you an APR that already includes fees, enter the plain note rate instead to match the base principal-and-interest payment.
Can I model a 0% or promotional-rate loan?
Yes. Enter 0 as the rate and the tool splits the principal evenly across the number of months, so total interest is zero and the monthly payment is simply principal divided by term. That makes it easy to check a dealer or store 0% financing offer against the cost of paying cash.
How do I see what a longer term really costs me?
Run the loan at the shorter term and note the total interest, then change only the term to the longer option and recalculate. The monthly payment drops but total interest almost always rises - often by thousands - because you hold the balance for more months. Comparing the two total-interest figures makes the trade-off concrete.
Do you save or transmit the amounts I enter?
No. The entire calculation happens locally in your browser with JavaScript. Nothing is sent to a server, nothing is written to an account, and the values are gone once you close or refresh the tab, so you can enter real income-based limits or private balances safely.
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Frequently asked questions
How is the monthly payment calculated?+
It uses the standard amortization formula M = P·r·(1+r)^n / ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate, and n is the number of months. For a 0% loan, it simply divides the amount by the number of months.
What is total interest?+
It's the total amount paid over the life of the loan (monthly payment × number of months) minus the original loan amount.
Does it work for any loan type?+
Yes — car loans, personal loans, mortgages or student loans. Any fixed-rate, fully amortizing loan with a set term and rate.