Loan Calculator
Free online loan calculator. No sign-up, no installation. Runs entirely in your browser.
Loan Details
What is a Loan Calculator?
A loan calculator is a financial tool that helps you understand the true cost of borrowing money. It calculates your monthly payment, total interest paid over the life of the loan, and generates an amortization schedule showing exactly how your payments are split between principal and interest.
Whether you’re considering a mortgage, auto loan, personal loan, or student loan, this calculator provides the insights you need to make informed financial decisions.
How to Use This Loan Calculator
- Enter Loan Amount: The total amount of money you’re borrowing.
- Enter Interest Rate: The annual percentage rate (APR) charged by the lender.
- Set Loan Term: Choose how long you want to pay back the loan (in years or months).
- Click Calculate: The tool instantly computes your monthly payment, total cost, and interest paid.
- Review Results: See a visual chart and detailed amortization schedule showing payment breakdown.
- Export Data: Download the amortization schedule as CSV for your records.
Use Cases for Loan Calculations
- Mortgage Shopping: Compare different loan terms and rates to find the best home loan.
- Auto Financing: Understand monthly car payments before visiting a dealer.
- Personal Loans: Budget for consolidation or major purchases.
- Student Loans: Plan repayment strategies and estimate total debt.
- Business Loans: Analyze cash flow impact of borrowing for equipment or expansion.
- Financial Planning: Model different scenarios to optimize your debt strategy.
Frequently Asked Questions
What’s the difference between APR and interest rate?
The interest rate is the percentage you pay to borrow money. APR (Annual Percentage Rate) includes the interest rate plus other costs or fees involved in procuring the loan. For simplicity, this calculator uses the interest rate as your borrowing cost.
How is the monthly payment calculated?
The monthly payment is calculated using 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, and n is the total number of payments.
What is an amortization schedule?
An amortization schedule is a detailed table showing each payment over the loan’s life. It breaks down how much of each payment goes toward principal (reducing your debt) and how much goes toward interest. Early payments typically have more interest, while later payments have more principal.
Can I change my loan term after calculating?
Yes! Modify any input field (loan amount, interest rate, or term) and click Calculate again. The results update instantly, allowing you to compare different scenarios side-by-side.
Why does my total payment exceed the loan amount?
The difference is the interest you pay for borrowing. For example, a $250,000 loan at 6.5% over 30 years costs about $193,000 in interest, making the total paid approximately $443,000.
Can I download the amortization schedule?
Yes! After calculating, click the “Download CSV” button to export the complete amortization schedule as a CSV file that opens in Excel, Google Sheets, or any spreadsheet application.