Calculate your monthly loan payments, total interest, and total repayment amount. Enter loan amount, interest rate, and loan term to see your amortization schedule. This free loan calculator helps with mortgage, auto, and personal loan planning.
Type in the total amount you plan to borrow. This is the principal amount of your loan.
Enter the annual interest rate and the loan term in years. Longer terms mean lower monthly payments but more total interest paid.
Click Calculate to see your monthly payment, total payment amount, and total interest. Use Clear to reset all fields.
Q: How is the monthly payment calculated?
A: Monthly payments are calculated using the standard amortization formula: M = P * [r(1+r)^n] / [(1+r)^n - 1], where P is principal, r is monthly rate, and n is total payments.
Q: What affects my loan interest rate?
A: Your interest rate depends on factors including your credit score, loan amount, loan term, and current market conditions.
Q: Is there a difference between nominal and APR?
A: Yes. The nominal rate is the base interest rate, while APR includes fees and other costs. This calculator uses the nominal annual rate.