Loan Calculator
Estimate loan payments with our free loan calculator. Enter amount, term, and interest rate to see monthly costs and total interest.
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Loan Calculator – Estimate Monthly Payments & Total Costs
Use our free Loan Calculator to plan your finances with confidence. Enter the loan amount, annual interest rate, and loan term in years to instantly see your monthly payment, total repayment amount, and total interest paid. Perfect for mortgages, car loans, or personal loans.
How the Loan Calculator works
The calculator uses the standard annuity formula to determine a fixed monthly payment over the entire loan term. Each payment is split into two parts:
Principal – reduces your outstanding balance
Interest – the cost of borrowing money
Key features
Instant results for monthly payment, total cost, and interest
Full amortization schedule showing principal vs. interest
Works for both short-term personal loans and long-term mortgages
Clear and easy-to-read breakdown without complicated finance terms
Example calculation
If you borrow $20,000 at an interest rate of 5% per year for 5 years:
Monthly payment: $377.42
Total repaid: $22,645
Total interest: $2,645
This example shows how interest adds up over time and why comparing loan offers is important.
Why use this Loan Calculator?
Our tool helps you make smarter financial decisions before signing a contract. By knowing your monthly payments and the total loan cost, you can better compare offers from banks, credit unions, or online lenders.
Note: This calculator is for informational purposes only and does not replace professional financial advice.
Frequently Asked Questions
- How do I calculate monthly loan payments?
- Enter your loan amount, annual interest rate, and loan term. The calculator instantly shows your fixed monthly payment using the annuity formula.
- Can this calculator be used for mortgages?
- Yes, it works for mortgages, car loans, personal loans, and other installment credits.
- What is an amortization schedule?
- It’s a table that shows the breakdown of each monthly payment into principal and interest, plus the remaining balance over time.
Use our Loan Calculator now to estimate your monthly payments and explore more finance tools like Mortgage or Percentage Calculators.