Loan Calculator
Calculate monthly payments, total interest, and amortization for any loan
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Try nowFree Loan Calculator β Monthly Payments & Interest
A comprehensive loan calculator that computes your monthly payment, total principal, total interest, and total payment for any loan amount.
Input your desired loan amount, annual interest rate as a percentage, and loan term in months or years. The calculator instantly shows your monthly payment amount using the standard amortization formula. You'll see a breakdown of total principal repaid, total interest paid over the life of the loan, and the grand total you'll pay back. An amortization table displays how each payment splits between interest and principal, helping you understand how the loan balance decreases over time. Since everything runs in your browser, your financial information stays completely private.
Car buyers evaluate different financing options from dealerships by comparing monthly payments at various interest rates. Small business owners determine whether they can afford equipment financing before approaching lenders. Students planning education expenses calculate the true cost of student loans by seeing how interest accumulates. Homeowners considering personal loans for renovations assess the total cost difference between 3-year and 5-year repayment terms.
Even a small reduction in interest rate dramatically affects total interest paid, so always shop around for the best rate available. Making extra principal payments early in the loan term saves substantially more than paying extra later because interest is frontloaded. Use the amortization table to identify the optimal time for refinancing by seeing when your principal balance drops to specific thresholds. Consider biweekly payment schedules instead of monthly, as this results in 13 full payments per year rather than 12, significantly shortening the loan term.
All processing happens directly in your browser. Your files never leave your device β no server uploads, no cloud storage, no data retention. The tool works offline once loaded, requires no registration, and is completely free with no usage limits.
Frequently Asked Questions
How is the monthly payment calculated?
Using 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 payments.
Can I enter the term in years or months?
Yes, you can toggle between months and years for the loan term.
What types of loans can I calculate?
Any fixed-rate loan: car loans, personal loans, student loans, business loans, etc.
Is my financial data stored?
No. All calculations happen in your browser. No data is stored or sent to any server.
Does it show total interest paid?
Yes, it shows monthly payment, total principal, total interest, and the total amount you will pay over the life of the loan.