Loan Calculator — Free Monthly Payment & Amortization Calculator

Use this free loan calculator to find your exact monthly payment for any mortgage, auto loan, or personal loan. Enter the principal, annual interest rate, and loan term to instantly see your payment and a full amortization breakdown — no signup required.

Why use this Loan Calculator?

  • Instant monthly payment as you adjust any field
  • Full amortization table showing principal vs. interest each month
  • Works for mortgages, auto loans, student loans, and personal loans
  • No account needed — runs entirely in your browser

How to use the Loan Calculator

  1. Enter the loan amount: Type the total amount you're borrowing, such as $250,000 for a home mortgage or $15,000 for a car loan.
  2. Set the annual interest rate: Enter the annual interest rate your lender quoted, for example 6.75%.
  3. Choose the loan term: Select or type the repayment period in years — common choices are 15 or 30 years for mortgages, 3–7 years for auto loans.
  4. Read your results: Your monthly payment, total interest paid, and full amortization schedule appear instantly below the inputs.

Frequently Asked Questions

What formula does the loan calculator use?

It uses the standard amortizing loan formula: M = P[r(1+r)^n] / [(1+r)^n − 1], where P is the principal, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments. This matches the calculation any bank or lender would use.

Does this calculator include property taxes and insurance?

The core calculator covers principal and interest only, which is the actual loan payment. Property taxes, homeowner's insurance, and PMI are separate costs determined by your location and lender — your lender will provide those figures for a full PITI estimate.

How much does an extra monthly payment save me?

Making even one extra principal payment per year can shave years off a 30-year mortgage and save tens of thousands in interest. Try adjusting the term field downward to model a faster payoff scenario and compare the total interest columns.

What's the difference between interest rate and APR?

The interest rate is the base cost of borrowing. APR (Annual Percentage Rate) includes fees like origination charges, so it's typically slightly higher. This calculator uses the nominal interest rate; for a true cost comparison between loan offers, use the APR your lender discloses.

Can I use this for a mortgage with a down payment?

Yes — simply enter the financed amount (purchase price minus your down payment) as the loan amount. For example, if you're buying a $400,000 home with 20% down ($80,000), enter $320,000 as the loan amount.

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