Loan Calculator

Whether you're planning for a mortgage, auto loan, or a personal loan, our free online loan calculator can help. Simply enter your loan amount, term, and interest rate to quickly estimate your monthly payment, total interest paid, and a complete amortization schedule, helping you understand the full picture of your loan and make smarter financial decisions.

How to Use

• Enter the loan amount, loan term, and interest rate for your loan plan.
• Click the 'Calculate' button to view the corresponding loan results and a detailed amortization schedule.

Definition of Inputs

• Loan Amount: The total amount of money you are borrowing, also known as the loan principal.
• Loan Term (in years): The duration over which you will repay the loan. A longer term usually means lower monthly payments but higher total interest.
• Interest Rate (%): The annual rate for the loan, expressed as a percentage. This is the cost of borrowing per $100 of the loan.

Understanding the Results

• Monthly Payment: The fixed amount you will need to pay each month to repay the loan over its term.
• Total Interest Paid: The total cumulative amount of interest you will pay over the life of the loan. This represents the cost of borrowing.
• Total Payment: The sum of the principal loan amount and the total interest paid. This is the total amount of money you will have paid back by the end of the loan term.
• Amortization Schedule: A detailed table showing each monthly payment's breakdown into principal and interest, and the remaining balance after each payment.

Loan Formula

The calculation for the monthly payment (M) is based on the following formula: