Loan Calculator
Free loan calculator. Enter loan amount, annual interest rate, and term in years or months. See monthly payment, total paid, total interest, and a 3-month amortization sample. 100% browser-based, no signup.
= 60 monthly payments
| Month | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $500.95 | $156.25 | $344.70 | $24,655.30 |
| 2 | $500.95 | $154.10 | $346.85 | $24,308.45 |
| 3 | $500.95 | $151.93 | $349.02 | $23,959.43 |
Each payment is split between interest (cost of borrowing) and principal (reducing your loan balance). Over time, more of each payment goes to principal.
Monthly Payment
Standard amortization formula M = P × [r(1+r)^n] / [(1+r)^n - 1] computes the exact monthly payment for any fixed-rate loan.
Total Interest
See exactly how much you will pay in interest over the life of the loan, plus total of all payments combined.
Years or Months
Toggle the loan term between years and months. Perfect for short-term personal loans or long mortgages on the same form.
Amortization Sample
A 3-month preview shows how each payment splits between interest and principal — and your declining balance over time.
How is the monthly payment calculated?
Using the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where P is loan amount, r is monthly interest rate (annual ÷ 12), and n is total number of monthly payments.
What does the loan term toggle do?
You can enter the term in years (e.g. 5 years = 60 payments) or directly in months. The calculator converts internally to the total number of monthly payments used in the formula.
Does this work for any type of loan?
Yes. The formula applies to any fixed-rate, fully-amortizing loan: personal loans, auto loans, student loans, mortgages without escrow. Variable-rate and interest-only loans are not supported.
Is my financial data sent to a server?
No. All calculations run entirely in your browser using JavaScript. Your loan amount and rate never leave your device.
Ready to use the Loan Calculator?
Free, no signup, no watermark. 100% browser-based. Your data never leaves your device.
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