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Loan Calculator

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How to Use the Loan Calculator

Enter your loan amount, annual interest rate, and loan term in years. The calculator will instantly show your monthly payment, total amount paid, and total interest over the life of the loan.

The amortization schedule breaks down each year into principal paid, interest paid, and remaining balance. The formula used is the standard equal-installment (annuity) method: M = P × r(1+r)^n / ((1+r)^n − 1).

This calculator works for any type of installment loan — mortgages, auto loans, personal loans, and student loans. Results are estimates for reference only and do not constitute financial advice.

Frequently Asked Questions

How is my monthly loan payment calculated?
Your monthly payment is calculated using the standard amortization formula: M = P × r(1+r)^n / ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments. This ensures equal payments throughout the loan term.
What is an amortization schedule?
An amortization schedule is a table showing each payment broken down into principal and interest portions, along with the remaining loan balance after each payment. In the early years, most of your payment goes toward interest; in later years, more goes toward principal.
How does the interest rate affect my total payment?
Even a small difference in interest rate has a large impact over a long loan term. For example, on a $300,000 30-year mortgage, a rate of 6% vs 7% results in over $60,000 more in total interest paid. Use this calculator to compare different rate scenarios.
What is the difference between a fixed-rate and variable-rate loan?
A fixed-rate loan keeps the same interest rate for the entire term, making your monthly payment predictable. A variable-rate loan has an interest rate that can change over time, which may lower initial payments but introduces risk. This calculator assumes a fixed rate.