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About the Loan Calculator
This loan calculator computes monthly payments, total interest, and full amortization schedules for mortgages, personal loans, auto loans, and business loans. You enter your loan details and get a clear payment breakdown you can use to compare financing options.
The calculator applies the standard amortization formula P x r x (1+r)^n / ((1+r)^n - 1), where P is the loan amount, r is the monthly interest rate, and n is the number of payments. It takes the loan amount, annual interest rate, and term as inputs. Tip: enter a shorter term to see how much total interest you can save. For major borrowing decisions, consider a financial professional as well.
- Enter your loan amount, rate, and term in the input fields.
- Run the calculation to view the monthly payment and amortization schedule.
- Adjust the rate or term to compare loan options side by side.