Loan Calculator with Amortization Schedule
Calculate monthly loan payments, total interest, and view detailed amortization schedule. Perfect for mortgages, auto loans, personal loans, and more.
Why use a Loan Calculator?
Compare loan options
Compare different loan amounts, interest rates, and terms side-by-side. See how small changes in rate or term dramatically affect total cost and monthly payments.
Budget planning
Know exactly what your monthly payment will be before applying. Ensure the payment fits your budget and understand how much you'll pay in total over the loan lifetime.
Understand amortization
See how your payments are split between principal and interest over time. Understand why early payments are mostly interest and how extra payments can save thousands.
Frequently Asked Questions
How is the monthly loan payment calculated?
Monthly payment is calculated using the loan amortization formula: M = P × [r(1 + r)^n] / [(1 + r)^n - 1], where M is monthly payment, P is principal (loan amount), r is monthly interest rate, and n is number of payments. This ensures you pay off the loan completely by the end of the term.
What is an amortization schedule?
An amortization schedule is a detailed table showing each payment throughout the loan term. It breaks down how much of each payment goes toward principal and interest. Early payments have more interest, while later payments have more principal. This helps you understand your loan repayment timeline.
Can I use this for mortgage calculations?
Yes! This calculator is perfect for mortgages. Enter your home loan amount, interest rate from your lender, and term (typically 15 or 30 years). Note that your actual mortgage payment may include property taxes, insurance, and HOA fees which aren't included in this calculator.
What's the difference between total payment and loan amount?
The loan amount (principal) is what you borrow. Total payment is the loan amount plus all interest paid over the loan term. The difference between them is the total interest cost. For example, a $200,000 loan at 5% for 30 years results in total payments of about $386,513 - meaning $186,513 in interest.
How can I reduce my total interest paid?
Three main ways: 1) Choose a shorter loan term (15 years instead of 30), 2) Get a lower interest rate by improving credit score or shopping lenders, 3) Make extra principal payments when possible. Even small additional payments can save thousands in interest.
What types of loans can I calculate?
This calculator works for any fixed-rate amortizing loan including mortgages, auto loans, personal loans, student loans, boat loans, RV loans, and business loans. It doesn't work for credit cards or adjustable-rate loans where rates change over time.
Is this loan calculator accurate?
Yes, this calculator uses the standard loan amortization formula used by banks and lenders. Results are accurate for comparison and planning. However, actual loan payments may include additional fees, insurance, or taxes. Always verify final numbers with your lender before committing.