The Loan Calculator is a free online tool that helps you calculate your monthly loan payments, total repayment amount, and total interest paid over the life of any loan — instantly and accurately.
Whether you are planning to take out a personal loan, car loan, home loan, student loan, or any other type of financing, this calculator gives you a complete financial picture before you commit. Simply enter your loan amount, annual interest rate, and loan term, and the calculator will do all the math for you.
This tool supports two loan types — Amortized loans, where you pay a fixed amount every month that covers both principal and interest, and Interest Only loans, where you pay only the interest during the loan term and repay the full principal at the end.
Along with your monthly payment summary, the calculator also generates a full month-by-month Amortization Schedule showing exactly how much of each payment goes toward principal and how much goes toward interest — so you always know where your money is going.
No sign-up, no downloads, and no hidden fees. Just fast, accurate loan calculations at your fingertips.
🚀 How to Use
11. Enter your Loan Amount — the total amount you want to borrow (e.g. $10,000).
22. Enter the Annual Interest Rate — the yearly interest rate offered by your lender (e.g. 5.5%).
33. Select your Loan Term unit — choose "Years" or "Months" depending on your loan duration.
44. Enter the Loan Term — how long you have to repay the loan (e.g. 5 years or 60 months).
55. Select your Start Date — the month and year your loan begins.
66. Select your Loan Type:
7- Amortized: Fixed monthly payments covering both principal and interest.
8- Interest Only: Pay only interest each month; full principal due at the end.
97. Click the "Calculate" button.
108. Your Monthly Payment, Total Payment, Total Interest, and Payoff Date will appear instantly.
119. Scroll down to view the full Amortization Schedule — a complete month-by-month breakdown of every payment.
12Tip: Click "Reset" to clear all fields and start a new calculation.
❓ Frequently Asked Questions
An amortized loan is the most common type of loan where you make equal monthly payments throughout the entire loan term. Each payment is split between paying off the principal (the original amount borrowed) and the interest charged by the lender. In the early months, a larger portion of your payment goes toward interest. As time goes on, more of each payment goes toward reducing the principal balance.
With an amortized loan, your monthly payment covers both principal and interest, so your loan balance decreases with every payment until it reaches zero at the end of the term. With an interest only loan, your monthly payments only cover the interest charged — the principal balance stays the same throughout the term and must be paid in full at the end. Interest only loans typically have lower monthly payments but result in a much higher total repayment amount.
An amortization schedule is a complete month-by-month table that shows the breakdown of every single loan payment over the life of the loan. For each payment, it shows the payment number, payment date, total payment amount, how much goes toward principal, how much goes toward interest, and the remaining loan balance after that payment. It helps you understand exactly how your loan is being repaid over time.
Yes. The higher the interest rate, the more interest you will pay over the life of the loan, which increases the total repayment amount. Even a small difference in interest rate can result in a significant difference in total cost — especially for large loans or long loan terms. For example, on a $100,000 loan over 20 years, the difference between a 5% and a 7% interest rate can add up to tens of thousands of dollars in extra interest payments.
⚠️ Disclaimer
This Loan Calculator is provided for general informational and educational purposes only. The results generated by this tool — including monthly payment amounts, total interest, total repayment, and amortization schedules — are based on standard loan calculation formulas and are intended as estimates only.
Actual loan terms, interest rates, monthly payments, and total costs may vary depending on your lender, credit profile, loan agreement, applicable fees, taxes, insurance requirements, and other factors not accounted for in this calculator. This tool does not include origination fees, prepayment penalties, variable rate adjustments, or other charges that may apply to your specific loan.
This calculator does not constitute financial advice, and we are not a licensed financial institution, bank, or credit provider. Before making any borrowing decisions, please consult a qualified financial advisor, bank representative, or licensed lender who can provide personalized guidance based on your financial situation.
We are not responsible for any financial decisions, losses, or consequences arising from the use of this calculator. Always read your loan agreement carefully and ensure you fully understand all terms and conditions before signing.