Finance
Instant, private, and free
Loan Calculator.
Calculate loan payments and total interest
Set your values
Results update as you type.
Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $198.01 | $139.68 | $58.33 | $9,860.32 |
| 2 | $198.01 | $140.49 | $57.52 | $9,719.83 |
| 3 | $198.01 | $141.31 | $56.70 | $9,578.51 |
| 4 | $198.01 | $142.14 | $55.87 | $9,436.38 |
| 5 | $198.01 | $142.97 | $55.05 | $9,293.41 |
| 6 | $198.01 | $143.80 | $54.21 | $9,149.61 |
| 7 | $198.01 | $144.64 | $53.37 | $9,004.97 |
| 8 | $198.01 | $145.48 | $52.53 | $8,859.49 |
| 9 | $198.01 | $146.33 | $51.68 | $8,713.16 |
| 10 | $198.01 | $147.19 | $50.83 | $8,565.97 |
| 11 | $198.01 | $148.04 | $49.97 | $8,417.93 |
| 12 | $198.01 | $148.91 | $49.10 | $8,269.02 |
| 13 | $198.01 | $149.78 | $48.24 | $8,119.24 |
| 14 | $198.01 | $150.65 | $47.36 | $7,968.59 |
| 15 | $198.01 | $151.53 | $46.48 | $7,817.07 |
| 16 | $198.01 | $152.41 | $45.60 | $7,664.65 |
| 17 | $198.01 | $153.30 | $44.71 | $7,511.35 |
| 18 | $198.01 | $154.20 | $43.82 | $7,357.16 |
| 19 | $198.01 | $155.10 | $42.92 | $7,202.06 |
| 20 | $198.01 | $156.00 | $42.01 | $7,046.06 |
| 21 | $198.01 | $156.91 | $41.10 | $6,889.15 |
| 22 | $198.01 | $157.83 | $40.19 | $6,731.33 |
| 23 | $198.01 | $158.75 | $39.27 | $6,572.58 |
| 24 | $198.01 | $159.67 | $38.34 | $6,412.91 |
FAQs
How is the monthly payment calculated?
Using the standard amortization formula based on principal, interest rate, and term. At 0% rate, it is principal divided by months.
What is an amortization schedule?
A month-by-month breakdown showing interest and principal portions of each payment and the remaining balance.
How to Use the Loan Calculator
Calculate monthly payments, total interest, and view a complete amortization schedule for any loan. Perfect for personal loans, car loans, student loans, and more.
- Enter the principal amount (the total amount you're borrowing).
- Enter the annual interest rate as a percentage.
- Enter the loan term in years or months (months is more precise).
- The calculator will automatically compute your monthly payment.
- View the total amount you'll pay over the life of the loan.
- Review the amortization schedule to see how much goes to principal vs. interest each month.
Loan Payment Formulas
Understanding how loan payments are calculated helps you make informed borrowing decisions.
Monthly Payment (EMI)
Where M is monthly payment, P is principal, r is monthly interest rate (annual rate ÷ 12), and n is number of payments.
Example:
Input: P = $10,000, r = 7% annually, n = 60 months
Calculation: M = 10,000 × [0.00583(1.00583)⁶⁰] / [(1.00583)⁶⁰ - 1]
Result: $198.01 per month
Total Interest Paid
The total amount paid minus the principal equals the total interest over the loan term.
Example:
Input: $198.01 × 60 months - $10,000
Calculation: $11,880.60 - $10,000
Result: $1,880.60 total interest
Total Amount Paid
Simply multiply the monthly payment by the number of payments.
Example:
Input: $198.01 × 60
Calculation: Total payments
Result: $11,880.60
Real-World Use Cases
Loan calculators help you plan and compare different loan options before committing to a lender.
Car Loan Comparison
Compare different loan offers from multiple lenders to find the best rate and terms.
Example: Compare a $25,000 car loan at 5% for 5 years vs. 6% for 4 years to see which has lower total cost
Personal Loan Planning
Determine if you can afford a personal loan payment before applying.
Example: Calculate if a $15,000 loan at 8% for 3 years fits your monthly budget
Debt Consolidation
Evaluate whether consolidating multiple debts into a single loan saves money.
Example: Compare total interest paid on multiple credit cards vs. one consolidated loan
Student Loan Planning
Plan repayment strategies and understand long-term costs of student loans.
Example: Calculate monthly payments for $50,000 student loan at 6% over 10 years
Home Improvement Loans
Budget for home renovations by calculating monthly payment impacts.
Example: Determine monthly payment for a $20,000 home improvement loan at 7% for 7 years
Tips & Best Practices
Tips
- Always compare multiple loan offers - even a 0.5% difference in interest rate can save thousands over the loan term.
- Shorter loan terms result in higher monthly payments but lower total interest paid.
- Consider making extra payments toward principal to pay off loans faster and save on interest.
- Review the amortization schedule to see how much interest you're paying in early years.
- Factor in loan origination fees and other costs when comparing loan options.
Common Mistakes to Avoid
- Only looking at monthly payment without considering total interest paid over the loan term.
- Not accounting for variable interest rates that may increase over time.
- Borrowing more than necessary without considering the long-term financial impact.
- Ignoring prepayment penalties when planning to pay off loans early.
- Not comparing the actual interest rate (APR) - some lenders quote lower rates but include hidden fees.
Related Resources
Related Calculators
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Cite this calculator
Canonical URL: https://mathify.one/en/finance/loan
Cite as: Mathify. (2026). Loan Calculator. https://mathify.one/en/finance/loan
Use Cases
Budgeting for a new car purchase
Determine what monthly payment fits your budget before visiting a dealership. Adjust the loan amount, interest rate, and term to see how they affect your payment.
Example: A $25,000 car loan at 5% for 60 months results in a monthly payment of about $471.78.
Comparing loan offers
Evaluate different loan scenarios side by side to see which one offers the lowest total interest and most affordable monthly payment.
Example: Compare a 48-month vs. 60-month loan to see the trade-off between lower monthly payments and higher total interest.
Frequently Asked Questions
- How does the loan calculator work?
- You input your loan amount, interest rate, and loan term. The calculator then computes your monthly payment and the total interest you'll pay over the life of the loan, helping you see the full cost.
- What is the formula used for calculating payments?
- The calculator uses the standard amortization formula: M = P[r(1+r)^n] / [(1+r)^n – 1], where M is the monthly payment, P is the principal, r is the monthly interest rate (annual rate divided by 12), and n is the number of payments (term in years times 12).
- Can I use this calculator for any type of loan?
- Yes, you can use it for auto loans, personal loans, student loans, or mortgages, as long as they have a fixed interest rate and a set term. For adjustable-rate loans, the estimate may not be accurate.
Tips & Common Mistakes
Tips
- Always enter the annual interest rate as a percentage, not a decimal. For example, 5% should be entered as 5, not 0.05.
- Use the loan term in years, not months, unless the calculator specifies otherwise. For a 5-year loan, enter 5.
- Consider making extra payments to reduce total interest, but check with your lender for prepayment penalties.
- Remember that this calculator provides an estimate; actual payments may vary due to fees, taxes, or insurance.
Common Mistakes to Avoid
- Forgetting to convert the interest rate to a monthly rate if the calculator requires it. Always read the input instructions.
- Entering the loan term in months instead of years, which can drastically overestimate the monthly payment.
- Ignoring additional costs like property taxes, insurance, or fees that are not included in the loan amount.
Last updated: August 13, 2026