Free Loan Calculator Online
Calculate monthly payments, total interest, and view a full amortization schedule
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Complete Loan Analysis
Everything you need to understand your loan at a glance
See your monthly payment update in real time as you adjust the loan amount, interest rate, or term length.
View a detailed period-by-period breakdown showing how each payment is split between principal and interest over the life of the loan.
Instantly see the total amount you will pay over the loan term and how much of that goes to interest versus principal.
About Our Loan Calculator
Our free online loan calculator helps you estimate monthly payments and total interest for any type of loan including personal loans, auto loans, and student loans. Enter your loan details and get instant results with a full amortization schedule.
Frequently Asked Questions
How is the monthly loan payment calculated?
The calculator uses the standard amortization formula that considers your loan amount, annual interest rate, and term length to compute a fixed monthly payment.
Each payment covers both principal repayment and interest charges. Early payments go mostly toward interest while later payments pay down more principal.
This is the same formula used by banks and lenders to determine fixed-rate loan payments.
What is an amortization schedule?
An amortization schedule is a table that shows every payment over the life of a loan, breaking each one into its principal and interest components.
It also shows the remaining loan balance after each payment so you can track how quickly your debt decreases.
This information is valuable for planning extra payments or refinancing decisions.
Can I switch between years and months for the loan term?
Yes. Use the toggle to switch between entering your loan term in years or months for maximum flexibility.
This is useful for short-term loans that may be expressed in months rather than years.
The calculator automatically converts between the two when you switch.
Does this work for variable rate loans?
This calculator assumes a fixed interest rate throughout the loan term. For variable rate loans, the results represent what you would pay if the rate stayed constant.
You can re-run the calculator with different rates to see how rate changes would affect your payment.
For the most accurate variable rate projections, consult your lender.