Loan Calculator
Calculate monthly payments, total cost, and interest for any loan. View a detailed amortization schedule.
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How to Use
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- 1
Enter loan details
Enter the loan amount, annual interest rate, and loan term. For a mortgage, typical values might be $300,000 at 6.5% for 30 years.
- 2
Review your results
Monthly payment, total payment, total interest, and interest ratio are calculated in real-time. View the repayment chart to visualize how principal and interest break down over time.
- 3
Check the amortization schedule
Click 'Show details' to see a month-by-month breakdown of payment, principal, interest, and remaining balance.
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Results
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About Loan Calculator
Loan Calculator is an online tool for simulating monthly payments, total cost, and interest for mortgages, auto loans, personal loans, and more. Simply enter the loan amount, annual interest rate, and loan term to get real-time results based on standard amortization. Use the repayment chart and detailed amortization schedule to plan your finances with confidence.
Key Features
- Real-time calculation of monthly payment, total payment, and total interest
- Repayment chart visualizing principal and interest over time
- Month-by-month amortization schedule (principal, interest, balance)
- Interest ratio display to understand repayment cost structure
- Suitable for mortgages, auto loans, student loans, and personal loans
Use Cases
- Estimating your monthly mortgage payment before buying a home
- Comparing 15-year vs 30-year mortgage terms to see total interest paid
- Calculating monthly payments for an auto loan and total cost of financing
- Planning student loan repayment — seeing total interest on federal or private loans
- Deciding whether to pay down a loan early and how much interest you would save
- Generating an amortization schedule to see the principal vs interest breakdown each month
FAQ
What is an amortizing loan?
An amortizing loan has fixed monthly payments that cover both principal and interest. Early payments are mostly interest, while later payments are mostly principal. Most mortgages and auto loans use this structure.
Where can I find my interest rate?
Your interest rate is stated in your loan offer or contract documents. For mortgages, lenders advertise both fixed and adjustable rates. Make sure to enter your actual rate for accurate results.
Does the calculation match my actual loan?
This tool uses the standard amortization formula for equal monthly payments. Your actual loan may differ if it includes fees, insurance, or other charges. Always confirm with your lender.
Can I calculate the effect of extra payments?
This tool calculates standard scheduled payments and does not model prepayments or extra principal payments. Use your lender's dedicated prepayment calculator for that scenario.
What is the interest ratio?
The interest ratio shows what percentage of your total payment goes toward interest. A higher interest ratio means more of your money is going to the lender rather than reducing your principal. Shorter loan terms and lower rates result in a lower interest ratio.
Editorial Review & References
- Reviewed by
- Toolsbase Editorial Team
- Last reviewed
References
- Japan Financial Services Agency — Mortgage Borrower SurveysOpens in a new tab
- Japan Housing Finance Agency — Flat 35 mortgage product overviewOpens in a new tab
- U.S. Consumer Financial Protection Bureau — Loan estimates and closing disclosuresOpens in a new tab
- Bank for International Settlements — Principles for sound lending
Disclaimer
This tool uses the standard amortization formula and provides reference estimates only. Actual repayment amounts will vary based on fees (guarantee fees, administration fees, mortgage insurance, fire insurance, etc.), prepayments, and interest-rate changes (for adjustable-rate loans). Before making any borrowing decisions, please consult with your lender or a qualified financial advisor.