Loan Calculator
Calculate monthly loan payments, total interest, and amortization schedule for personal, auto, and student loans
What is a Loan Calculator?
A loan calculator is a financial tool that helps you determine your monthly payment amount, total interest cost, and complete amortization schedule for any type of loan. Whether you're considering a personal loan, auto financing, student loan, or business loan, this calculator shows you exactly what to expect over the life of your loan.
The calculator uses the standard loan amortization formula that banks and lenders use, taking into account your loan amount (principal), annual interest rate (APR), and loan term length in years or months. It provides a detailed breakdown showing how each payment is split between principal reduction and interest charges.
How to Use the Loan Calculator
- Enter the loan amount you need to borrow (principal) - for example $5,000, $10,000, or $25,000
- Input the annual interest rate (APR) offered by your lender - typically 4% to 8% for personal loans
- Select your loan term length in years or months - common terms are 3, 5, or 7 years
- View your monthly payment amount displayed instantly along with total interest and total amount repaid
- Review the full amortization schedule to see payment breakdown for each month of the loan term
Loan Calculation Examples
Personal Loan $10,000
APR: 6.5% | Term: 5 years
Monthly Payment: $196.03 | Total Interest: $1,761.80 | Total Repaid: $11,761.80
Auto Loan $25,000
APR: 4.5% | Term: 6 years
Monthly Payment: $394.03 | Total Interest: $3,370.16 | Total Repaid: $28,370.16
Student Loan $15,000
APR: 5.0% | Term: 10 years
Monthly Payment: $159.16 | Total Interest: $4,099.20 | Total Repaid: $19,099.20
Small Business Loan $50,000
APR: 7.0% | Term: 7 years
Monthly Payment: $706.78 | Total Interest: $9,370.56 | Total Repaid: $59,370.56
Why Use Our Loan Calculator?
- ✓Accurate calculations - uses the same amortization formula that banks and credit unions use for all loan types
- ✓Complete transparency - see exactly how much interest you'll pay and how payments are allocated between principal and interest
- ✓Compare options - test different loan amounts, interest rates, and term lengths to find the most affordable option
- ✓Budget planning - know your exact monthly payment before applying so you can ensure it fits your budget