Math & Calculators
Loan Calculator
Calculate monthly payments, total interest, and amortization schedule for any loan.
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What is Loan Calculator?
A loan calculator estimates your monthly payments, total interest, and overall cost for any type of loan. Whether it's a personal loan, auto loan, or student loan, understanding these numbers helps you borrow responsibly.
How to Use
- Enter the loan amount you plan to borrow
- Set the annual interest rate
- Choose the loan term in months or years
- Review the monthly payment, total interest, and amortization schedule
Formula
Monthly Payment = P x [r(1+r)^n] / [(1+r)^n - 1], where P = principal, r = monthly rate, n = number of payments
Frequently Asked Questions
- What is an amortization schedule?
- It's a table showing each monthly payment split into principal and interest portions, plus the remaining balance after each payment.
- How does the interest rate affect my payments?
- Even a small rate increase significantly raises total cost. A 1% higher rate on a $200,000 30-year loan adds roughly $40,000 in interest.
- Should I choose a shorter or longer loan term?
- Shorter terms mean higher monthly payments but much less total interest. Longer terms are easier on your budget but cost more overall.