Loan Calculator
Calculate monthly payments, total interest, and payoff timeline for any fixed-rate loan.
Loan Summary
Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
|---|
What is a Loan Calculator?
A loan calculator is a digital tool that computes the monthly payment, total interest, and overall cost of a fixed-rate loan. It uses the standard amortization formula to break down each payment into principal and interest portions.
Whether you are considering a personal loan, auto financing, or a student loan, understanding your repayment schedule helps you compare offers and choose the most affordable option. Our calculator runs entirely in your browser for complete privacy.
How to Use
- Enter the total amount you plan to borrow.
- Input the annual interest rate offered by your lender.
- Specify the loan term in years and optionally set a start date.
- Click Calculate to view your monthly payment and full amortization schedule.
Frequently Asked Questions
What is amortization?
Amortization is the process of paying off a loan through regular payments over time. Each payment covers the interest accrued and reduces the principal balance.
Can I use this for variable-rate loans?
This calculator assumes a fixed interest rate. For variable-rate loans, your payment may change when the rate adjusts.
Does the start date affect the calculation?
The start date only affects the displayed payoff date. The payment amount itself depends on the loan amount, rate, and term.
How can I pay off my loan faster?
Making extra principal payments reduces your balance faster, saving interest and shortening the loan term. Even small extra payments can make a big difference over time.