Loan Calculator
Calculate monthly payments & total interest
How to Use Loan Calculator
- 1
Enter the loan amount, annual interest rate, and loan term in years.
- 2
The tool calculates your monthly payment, total payment, and total interest paid.
- 3
Adjust the values to compare different loan scenarios.
About Loan Calculator
Calculate monthly loan payments, total interest and payoff date. Works for mortgages, car loans and personal loans. Free online calculator.
Best Use Cases
- •Estimate monthly mortgage payments before buying
- •Compare car loan offers from different lenders
- •Plan personal loan repayment schedules
- •Calculate total interest over the loan term
- •Decide between shorter or longer loan terms
Examples
Mortgage estimate
Enter $300,000 at 6.5% for 30 years to see monthly payment and total interest.
Car loan comparison
Compare a 48-month vs 60-month auto loan to see which saves more on interest.
Personal loan planning
Calculate payments on a $10,000 personal loan at 9% over 3 years.
Common Mistakes to Avoid
- !Entering monthly rate instead of annual rate
- !Forgetting to include taxes and insurance costs
- !Comparing loans without matching the term length
Limitations
- –Does not include taxes, insurance, or fees
- –Assumes fixed interest rate for the full term
- –Does not support variable or adjustable rates
Disclaimer
This tool is for informational and educational purposes only. Results are estimates and should not be treated as financial, tax, legal, or investment advice. Always consult a qualified professional before making financial decisions.
Frequently Asked Questions
How is a monthly loan payment calculated?
Using the formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P = principal, r = monthly interest rate, n = number of payments.