Loan Calculator
Calculate Your Loan Payments
Find out your monthly payment, total interest, and full amortization schedule for any loan — mortgage, car, or personal.
⚙Loan Details
$
Total amount you want to borrow
%
Annual percentage rate (APR)
years
How long to repay the loan
Common Loans
Monthly Payment
$489.15
📅
Total Interest
$4,349.22
💸
Total Payment
$29,349.22
💳
Interest Ratio
14.8%
📊
Principal vs Interest by Year
First 6 Months
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $489.15 | $353.74 | $135.42 | $24,646.26 |
| 2 | $489.15 | $355.65 | $133.50 | $24,290.61 |
| 3 | $489.15 | $357.58 | $131.57 | $23,933.03 |
| 4 | $489.15 | $359.52 | $129.64 | $23,573.51 |
| 5 | $489.15 | $361.46 | $127.69 | $23,212.05 |
| 6 | $489.15 | $363.42 | $125.73 | $22,848.63 |
How Loan Payments Are Calculated
Loan payments are calculated using the standard amortization formula, which ensures each payment covers both interest and a portion of the principal. Early payments are mostly interest; later payments are mostly principal.
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, and n is the number of payments.
Tips to Reduce Loan Costs
- • Make extra principal payments to reduce total interest paid
- • A higher credit score typically qualifies you for lower rates
- • Shorter loan terms mean higher monthly payments but less total interest
- • Shop multiple lenders — even 0.5% rate difference saves thousands over time