Calculate monthly payments, total interest, and amortization schedules for any loan. Perfect for mortgages, auto loans, personal loans, and financial planning.
Enter your loan details to calculate monthly payments and interest
Follow these simple steps to calculate your loan payments and interest
Input your loan amount, annual interest rate, and loan term in years.
Our calculator computes your monthly payment using standard loan formulas.
View monthly payment, total cost, interest, and payment breakdown schedule.
Professional-grade features for accurate loan payment calculations
Get immediate loan calculations with real-time updates as you adjust values.
All calculations performed locally - your financial data never leaves your device.
View detailed payment breakdown showing principal and interest for each month.
Works for mortgages, auto loans, personal loans, and any fixed-rate loan.
Fully responsive design works perfectly on smartphones, tablets, and desktops.
No registration required, no hidden fees - completely free loan calculator forever.
Understanding how loan terms affect your monthly payments and total interest costs
| Loan Term | Monthly Payment* | Total Interest* | Best For |
|---|---|---|---|
| 15 Years | $2,372 | $127,000 | Lower total interest, faster payoff |
| 30 Years | $1,432 | $215,000 | Lower monthly payment, flexibility |
| 40 Years | $1,223 | $287,000 | Lowest payment, highest total cost |
Get answers to common questions about loan calculations and payment planning
Monthly payment is calculated using the formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is principal, r is monthly interest rate, and n is number of payments.
Three main factors affect your payment: loan amount (principal), interest rate, and loan term. Higher amounts and rates increase payments, while longer terms decrease monthly payments but increase total interest.
Shorter terms have higher monthly payments but lower total interest. Longer terms have lower monthly payments but higher total interest. Choose based on your budget and financial goals.
Even small differences in interest rates significantly impact total cost. A 1% rate difference on a $200,000 30-year loan can cost over $30,000 in additional interest.
Yes, this calculator works for mortgages, auto loans, personal loans, and any fixed-rate installment loan. The calculation method is the same regardless of loan type.
Explore more financial calculators for comprehensive loan and investment planning