Loan Calculator
Calculate monthly payments, total interest, and full amortization schedule
How to Use Loan Calculator
- 1
Enter the loan amount
Type the total amount you plan to borrow. If you are making a down payment, enter it separately to calculate the financed balance automatically.
- 2
Set the interest rate and term
Enter the annual percentage rate (APR) your lender quoted and choose the loan term in years or months.
- 3
Review your monthly payment
Your fixed monthly payment, total interest paid over the life of the loan, and total cost (principal + interest) appear instantly.
- 4
Explore the amortization schedule
Scroll down to see a month-by-month table showing exactly how each payment splits between principal reduction and interest.
What Is Loan Calculator
Enter a loan amount, interest rate, and term to instantly see your monthly payment, total interest cost, and a complete month-by-month amortization schedule. Works for mortgages, car loans, student loans, personal loans, and any fixed-rate instalment loan. All calculations run privately in your browser — your financial details are never uploaded to any server.
Why Use Loan Calculator
- Full month-by-month amortization schedule shows exactly where every dollar of every payment goes.
- Results update as you type — compare different rates and terms instantly without submitting a form.
- Works for any fixed-rate loan type: mortgages, auto loans, personal loans, student loans, and business loans.
- Down-payment field automatically reduces the financed amount so you see the real monthly obligation.
- 100% private — your loan amount, income, and financial details are never transmitted or stored.
Frequently Asked Questions
What is an amortization schedule and why does it matter?
Can I use this for a mortgage?
What happens if I enter a 0% interest rate?
Is my data safe?
Learn more
Loan Calculator Use Cases
Comparing mortgage terms
Enter the same loan amount at different terms (15-year vs 30-year) to see how much total interest you save with a shorter term versus how much lower the monthly payment is with a longer one.
Evaluating car dealer financing
Compare the dealer's offered rate against a bank or credit union pre-approval to determine which option costs less over the full loan term.
Planning student loan repayment
Model different repayment scenarios for student debt — see how paying even $50 extra per month can shorten the loan and reduce total interest paid.
Budgeting before applying for a loan
Find out what monthly payment to expect at different loan amounts and rates so you can set a realistic budget before visiting the lender.
Tips & Best Practices
- 💡A 30-year mortgage at the same rate as a 15-year mortgage typically costs more than twice as much in total interest. Run both scenarios here to see the exact difference for your numbers.
- 💡Making one extra payment per year toward principal can shorten a 30-year mortgage by 4 to 7 years. Use the amortization table to see the impact.
- 💡Always compare the total cost of the loan (principal + total interest), not just the monthly payment. A lower monthly payment with a longer term often costs far more overall.