Calculate your monthly loan payments, total interest, and view a complete amortization schedule. Perfect for planning car loans, personal loans, mortgages, or any fixed-rate borrowing. Get instant results with our easy-to-use loan calculator.
Our loan payment calculator helps you determine your monthly payment amount, total interest costs, and provides a detailed amortization schedule. Whether you're planning for a car loan, personal loan, mortgage, or any fixed-rate borrowing, this calculator shows you exactly how your payments break down over time.
Our calculator works for any fixed-rate installment loan including auto loans, personal loans, student loans, and mortgages. Simply enter your loan details to get instant calculations for monthly payments, total interest costs, and a complete payment schedule.
Based on 60 months loan term
Monthly Payment
$188.71
Fixed payment for 60 months
Total Interest
$1,322.74
Interest paid over loan term
Total Payment
$11,322.74
Principal + total interest
This amortization schedule shows how each monthly payment is split between principal and interest over the life of your loan.
| Payment # | Total Payment | Principal | Interest | Remaining Balance |
|---|
Interest vs Principal: Interest costs are manageable compared to principal.
Payoff Timeline: Longer-term loan with lower payments but more total interest.
Our loan payment calculator works for any fixed-rate installment loan. Here are the most common types of loans you can calculate:
Calculate monthly payments for new or used car loans. Typical terms range from 24 to 84 months with interest rates varying by credit score and loan term.
Unsecured personal loans for debt consolidation, home improvements, or major purchases. Usually 2-7 years with fixed interest rates.
Calculate payments for federal or private student loans. Standard repayment plans typically span 10 years with fixed rates.
Home loan calculations for 15, 20, or 30-year fixed-rate mortgages. Note: This doesn't include property taxes, insurance, or PMI.
Fixed-rate business loans for equipment, expansion, or working capital. Terms and rates vary widely based on business creditworthiness.
Any installment loan with fixed monthly payments including home equity loans, boat loans, RV loans, and equipment financing.
Don't just look at monthly payments. Compare total interest costs across different loan terms to understand the true cost of borrowing.
Even small additional payments toward principal can significantly reduce total interest and shorten your loan term.
Even a 0.5% difference in interest rate can save thousands over the loan's lifetime. Get quotes from multiple lenders.
Shorter terms mean higher payments but less total interest. Longer terms reduce monthly payments but increase total cost.
Better credit scores qualify for lower interest rates. Pay down existing debt and correct errors on your credit report.
Ensure loan payments fit comfortably in your budget. The 28/36 rule suggests housing costs shouldn't exceed 28% of gross income.
Amortization is the process of paying off debt through regular payments. Each payment covers both interest and principal, but the proportion changes over time.
In the beginning, most of your payment goes toward interest because you owe the full loan amount.
As you pay down the balance, more of each payment goes toward principal since interest is calculated on the remaining balance.
Find answers to common questions about our online calculators and how to use them effectively.
A Loan Payment Calculator is a financial tool that helps you estimate monthly payments for various types of loans based on the principal amount, interest rate, and loan term. It's essential for budgeting and comparing different loan options.
This calculator helps with auto loans, mortgages, personal loans, student loans, and any other installment loans. It can help you determine affordability, compare loan offers, and understand the total cost of borrowing.
The calculator uses the standard amortizing loan payment formula:M = P[r(1+r)^n] / [(1+r)^n - 1]
M = Monthly payment
P = Principal loan amount
r = Monthly interest rate (annual rate ÷ 12)
n = Total number of payments (loan term in months)
This formula ensures that each payment includes both principal and interest, with the loan fully paid off by the end of the term through equal monthly payments.
No, this calculator only estimates loan payments based on principal and interest (P&I). It does not include additional costs such as property taxes, homeowners insurance, PMI, HOA fees, origination fees, or closing costs.
For complete monthly housing costs, add estimated amounts for:
These additional costs can significantly impact your total monthly payment, so factor them into your budget planning.
Fixed Interest Rate: Remains constant throughout the entire loan term. Your monthly payment stays the same, making budgeting predictable. Most common for mortgages and auto loans.
Variable Interest Rate: Can change based on market conditions and benchmark rates (like Prime Rate or LIBOR). Monthly payments can increase or decrease over time, creating uncertainty in budgeting.
Fixed rates provide stability and protection against rising interest rates, while variable rates may offer lower initial rates but carry the risk of future increases. Choose based on your risk tolerance and market outlook.
Making extra payments toward your loan principal can significantly reduce the total interest paid and shorten the loan term. Extra payments are applied directly to principal, reducing the balance on which future interest is calculated.
Benefits of extra payments: Reduced total interest costs, shorter loan term, faster equity building (for mortgages), and earlier debt freedom. Even small additional payments can have substantial long-term impact.
For example, adding just $50/month to a 30-year mortgage payment can save tens of thousands in interest and reduce the loan term by several years.
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