Calculate your monthly payment, total interest paid, and view the full amortization schedule.
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Loan Calculator gives you a focused way to handle one small task quickly. Calculate loan payments, total interest, and amortization. It is free to use, requires no login, and is built for quick checks when you need a practical result.
For example, if you finance a car for $30,000 at 6.9% interest over 60 months, the calculator will estimate your monthly payment at $593 and show that you will pay $5,558 in total interest over the 5-year term.
Results are meant for quick planning and double-checking. For legal, tax, or financial decisions, review the numbers with a qualified professional.
The loan calculator determines fixed-rate amortized loan schedules. Using the loan principal, annual interest rate, and term (in months or years), it solves for the recurring payment required to bring the loan balance to zero. It also projects the total interest paid and maps out the payment schedule, showing the decline of the principal balance over time.
Payment = Principal x [r(1+r)^n] / [(1+r)^n - 1] where r is the monthly interest rate (annual rate / 12) and n is the total number of monthly payments.
It is a table detailing each periodic payment on an amortized loan. It shows the exact amount of interest and principal contained in each payment, along with the remaining loan balance.
Most personal and car loans compound monthly. This means interest is calculated on the remaining principal balance every month, so as you pay down the principal, the amount of interest you pay decreases.
Yes, for most standard personal and auto loans. Paying extra principal early reduces the outstanding balance, shortening the term and lowering the total interest paid, provided there are no prepayment penalties.
