🏠 Loan Calculator
Calculate monthly payments, total interest, and loan costs for mortgages, auto loans, and personal loans.
Loan Details
Calculation Results
How Loan Payments Work
Monthly Payment Formula
Payment = P × [r(1+r)ⁿ] / [(1+r)ⁿ - 1]
- P = Principal (loan amount)
- r = Monthly interest rate
- n = Total number of payments
Interest vs Principal
Early payments go mostly toward interest, while later payments go mostly toward principal. This is called amortization.
Total Interest
The total interest paid over the life of the loan equals the total of all payments minus the original loan amount.
Loan Types & Rates
Mortgage Loans
- Typical rates: 6-8%
- Terms: 15, 20, or 30 years
- Usually require down payment
Auto Loans
- Typical rates: 4-9%
- Terms: 3-7 years
- Secured by the vehicle
Personal Loans
- Typical rates: 8-18%
- Terms: 2-7 years
- Usually unsecured
Money-Saving Tips
- 💡 Make extra payments: Pay more toward principal to reduce total interest
- 💡 Shorter terms: Choose shorter loan terms for lower total costs
- 💡 Shop around: Compare rates from multiple lenders
- 💡 Improve credit: Better credit scores get better rates
- 💡 Large down payment: Reduce loan amount and monthly payments
- 💡 Refinance: Consider refinancing if rates drop
About This Loan Calculator
Our free loan calculator helps you estimate monthly payments for mortgages, auto loans, personal loans, and other types of financing. Enter the loan amount, interest rate, and term to instantly see your monthly payment, total interest cost, and payment breakdown.
The calculator uses the standard loan payment formula to provide accurate results for fixed-rate loans. You can also view an amortization schedule showing how much of each payment goes toward principal versus interest over the life of the loan.
This loan calculator is completely free to use, requires no registration, and works on all devices. Use it to compare different loan scenarios and make informed borrowing decisions.