Loan Calculator
Calculate monthly loan payments, total interest, and view amortization schedule. Supports equal payment and equal principal methods for mortgages, auto loans, and personal loans.
How is the monthly payment calculated?
For equal payment method, monthly payment is calculated using the amortization formula: M = P × [r(1+r)^n] / [(1+r)^n - 1]. For equal principal method, the principal portion is fixed at P/n each month, and interest decreases over time.
What is the difference between equal payment and equal principal?
Equal payment (annuity) keeps the same monthly payment throughout the loan. Equal principal pays a fixed principal amount each month, so payments start higher and decrease over time, resulting in less total interest.
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 balance.
Does this work for different loan types?
Yes, this calculator works for fixed-rate mortgages, auto loans, personal loans, and any loan with fixed monthly payments.
What is the difference between APR and interest rate?
The interest rate is the cost of borrowing the principal. APR includes the interest rate plus other fees and costs, giving a more complete picture.
How do I calculate total interest paid?
Total interest is the sum of all interest portions in your amortization schedule. You can also calculate it as: (Monthly Payment × Number of Payments) - Loan Amount.
Can I use this for variable rate loans?
This calculator is designed for fixed-rate loans. For variable rate loans, you'll need to recalculate when the rate changes or use a specialized calculator.
What factors affect my monthly payment?
Your monthly payment depends on the loan amount, interest rate, loan term, and payment method (equal payment vs equal principal).
How does loan term affect total cost?
A longer loan term means lower monthly payments but higher total interest paid. A shorter term means higher monthly payments but less total interest.
What is the best payment method?
Equal payment offers predictable, consistent payments. Equal principal results in less total interest but higher initial payments. Choose based on your cash flow needs and financial goals.
Can I make extra payments?
Yes, making extra payments toward principal reduces total interest and shortens the loan term. Check if your loan has prepayment penalties.
How accurate is this calculator?
This calculator provides accurate calculations based on the inputs you provide. Actual loan terms may vary based on lender requirements, fees, and specific loan conditions.
How to Use Loan Calculator
Work out monthly payments, total interest, and a full amortization schedule for any loan, entirely on your device — no sign-up, no upload.
- Type the principal into the "Loan Amount" field.
- Enter the yearly rate in "Annual Interest Rate (%)".
- Set the duration under "Loan Term", choosing "Years" or "Months", and pick a "Start Date".
- Under "Repayment Method", choose "Equal Payment" for fixed installments or "Equal Principal" for decreasing ones.
- Toggle the "Monthly" and "Yearly" buttons to view the amortization schedule by month or by year.
"Equal Principal" usually costs less interest overall, while "Equal Payment" keeps every installment identical.
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