Loan Calculator
Calculate your monthly payments, total interest, and view amortization schedule for any loan.
Loan Details
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Loan Summary
Enter loan details and click "Calculate" to see results.
How to Use This Calculator
- Enter your loan amount (the principal you're borrowing)
- Set the interest rate as an annual percentage
- Specify the loan term in years
- Choose your preferred payment frequency (monthly, bi-weekly, or weekly)
- Optionally add any extra payment you plan to make each period
- Click "Calculate" to see your payment details and amortization schedule
About Loan Calculations
How Loans Are Calculated
- Monthly payment uses the formula:
PMT = P[i(1+i)^n]/[(1+i)^n-1]where:- P = Principal (loan amount)
- i = Monthly interest rate
- n = Total number of payments
- Each payment is split between principal and interest
- Early in the loan, more of each payment goes to interest
- Later in the loan, more goes to principal
Tips for Saving Money
- Making extra payments can significantly reduce your total interest and loan term
- Even small additional payments can save thousands over the life of the loan
- Biweekly payments (26 payments/year) can help pay off loans faster
- Reducing the loan term (e.g., 15 years vs. 30 years) usually means a lower interest rate
- Shop around for the best interest rates before committing to a loan
Common Mortgage Loans
- Fixed-rate mortgages: Interest rate remains the same for the entire term
- Adjustable-rate mortgages (ARMs): Rate changes periodically after an initial fixed period
- Typical terms: 15, 20, or 30 years
- Down payment: Usually 3-20% of home value
Other Common Loans
- Auto loans: Typically 3-7 year terms with fixed rates
- Personal loans: Usually 1-7 year terms with fixed rates
- Student loans: Federal or private, often with longer repayment periods
- Home equity loans: Second mortgages using home equity as collateral