💰 Financial Calculator

Loan Calculator

Calculate monthly payments, total interest, and amortization for any personal or business loan.

Loan Details

Enter your loan parameters

$
$1K$500K
%
0.5%30%
Monthly Payment
$—
Enter details and calculate
Total Cost
$—
Principal
—
Total Interest
—
Monthly Payment
—
Payoff Date
—
Loan Amount—
Total Interest Paid—
Total of Payments—
Monthly Payment—
Payoff Date—

Amortization Schedule

YearInterestPrincipalBalance
Calculate to see schedule

About the Loan Calculator

This loan calculator uses the standard amortizing loan formula used by banks worldwide. Enter your loan amount, interest rate, and term to instantly see your monthly payment and total interest cost. Use the amortization schedule to see exactly how each payment is split between principal and interest over the life of the loan.

FAQ

How is the monthly payment calculated?
Monthly payment = P × [r(1+r)^n] / [(1+r)^n − 1] where P is the loan amount, r is the monthly rate (annual rate ÷ 12), and n is the total months.
What is the difference between interest rate and APR?
The interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus fees and other costs, giving a more complete picture of the loan cost.
How can I reduce my total interest paid?
Make extra payments toward the principal, choose a shorter loan term, or shop for a lower interest rate. Even one extra payment per year can save thousands.
What is amortization?
Amortization means spreading loan payments over time. Early payments are mostly interest; later payments are mostly principal. The schedule shows this breakdown for every payment.