Loan Calculator

Calculate monthly payments, total interest, and loan amortization for personal loans, mortgages, auto loans, and student loans with detailed payment breakdown and formulas.

Enter the total loan amount
Enter annual percentage rate (APR)
Enter loan duration
Enter down payment amount

Popular Loan Calculations

$300K Mortgage
30yr @ 4.5% APR
$35K Auto Loan
5yr @ 6.5% APR
$15K Personal Loan
3yr @ 8.5% APR
$50K Student Loan
10yr @ 5.5% APR
$500K Mortgage
15yr @ 3.8% APR
$25K Auto Loan
4yr @ 7.2% APR

How to Use the Loan Calculator

Our comprehensive loan calculator helps you determine monthly payments, total interest, and amortization schedules for various types of loans. Simply enter your loan details and get instant, accurate calculations with detailed breakdowns.

Step-by-Step Instructions

  1. Select Loan Type: Choose from Personal Loan, Mortgage, Auto Loan, or Student Loan
  2. Enter Loan Amount: Input the total amount you want to borrow
  3. Set Interest Rate: Enter the annual percentage rate (APR) offered by your lender
  4. Choose Loan Term: Select the duration in years or months
  5. Add Down Payment: Include any down payment amount (optional)
  6. Calculate: Click "Calculate Loan" to see your results

Loan Payment Formula and Calculation

The loan calculator uses the standard loan payment formula to calculate monthly payments and total interest:

Monthly Payment Formula

M = P × [r(1+r)^n] / [(1+r)^n - 1]

  • M = Monthly payment
  • P = Principal loan amount (after down payment)
  • r = Monthly interest rate (annual rate ÷ 12)
  • n = Total number of payments (years × 12)

Calculation Example

Example: $250,000 loan at 4.5% APR for 30 years

  • Principal (P) = $250,000
  • Monthly rate (r) = 4.5% ÷ 12 = 0.375%
  • Number of payments (n) = 30 × 12 = 360
  • Monthly payment = $1,266.71
  • Total interest = $206,016

Types of Loans Supported

Personal Loans

Unsecured loans for personal expenses, debt consolidation, or major purchases. Typically have higher interest rates but offer flexibility in usage.

Mortgage Loans

Secured loans for purchasing real estate. Usually offer lower interest rates due to property collateral and longer repayment terms.

Auto Loans

Secured loans for vehicle purchases. The vehicle serves as collateral, typically resulting in lower interest rates than personal loans.

Student Loans

Educational financing with various repayment options. May offer lower rates and flexible payment terms for qualified borrowers.

Understanding Loan Terms

Key Loan Components

  • Principal: The original loan amount borrowed
  • Interest Rate: The annual percentage rate (APR) charged by the lender
  • Term: The length of time to repay the loan
  • Monthly Payment: Fixed amount paid each month
  • Total Interest: Total amount paid in interest over the loan term

Amortization Schedule

An amortization schedule shows how each payment is split between principal and interest. Early payments consist mostly of interest, while later payments apply more toward the principal balance.

Tips for Better Loan Terms

Improve Your Credit Score

  • Pay bills on time consistently
  • Keep credit utilization below 30%
  • Don't close old credit accounts
  • Check credit reports for errors

Shop Around for Rates

  • Compare offers from multiple lenders
  • Consider credit unions and online lenders
  • Get pre-approved to understand your options
  • Negotiate terms when possible

Consider Down Payments

  • Larger down payments reduce loan amount
  • May qualify you for better interest rates
  • Reduces total interest paid over loan term
  • Builds equity faster (for secured loans)