Loan / Mortgage Calculator

Calculate your monthly loan payment

$
%
years
Monthly Payment
—
Total Payment
—
Total Interest
—
Amortization Schedule
MonthPaymentPrincipalInterestBalance

Calculate your monthly mortgage payment

$
$
%
%
$
Monthly Payment
—
Total Payment
—
Total Interest
—
Amortization Schedule
MonthPaymentPrincipalInterestBalance

How much can I afford to borrow?

$
$
%
years
Max Loan Amount
—
Max Monthly Payment
—
Debt-to-Income Ratio
—

What Is a Loan Calculator?

A loan calculator is a free online tool that helps you estimate your monthly payment, total repayment amount, and total interest for any type of loan — including personal loans, car loans, student loans, and mortgages. By entering just three numbers — the loan amount, interest rate, and repayment term — you instantly see exactly what a loan will cost you.

Our loan calculator goes one step further by also generating a full amortization schedule, so you can see how much of each payment goes toward interest versus principal, month by month.

Use our free loan calculator to instantly estimate your monthly payment, total interest, and full amortization schedule — for mortgages, personal loans, auto loans, and student loans. No sign-up required.

Loan Calculator vs. Mortgage Calculator — What’s the Difference?

Both tools use the same underlying formula, but a mortgage calculator includes additional factors specific to home buying, such as the down payment, property taxes, and homeowner’s insurance. A standard loan calculator is better suited for personal loans, auto loans, or any fixed-term borrowing where you already know the principal amount.

Our calculator covers both scenarios with dedicated tabs, so you can switch between them depending on your needs.

How Does a Loan Calculator Compute Your Monthly Payment?

The monthly payment on a fixed-rate loan is calculated using the standard amortization formula:

M = P × [r(1+r)^n] / [(1+r)^n − 1]

Where:
M = Monthly payment
P = Principal loan amount
r = Monthly interest rate (annual rate ÷ 12 ÷ 100)
n = Total number of payments (years × 12)

For example, a $10,000 loan at 6% annual interest over 5 years gives a monthly interest rate of 0.5% (6 ÷ 12 ÷ 100 = 0.005) and 60 total payments. The result is a monthly payment of approximately $193.33.

Loan Calculator Examples: Monthly Payment Estimates

Here are some common loan scenarios to give you a sense of what different loans cost per month:

Personal Loan
$193 / mo
$10,000 · 6% · 5 years

Car Loan
$664 / mo
$35,000 · 7% · 5 years

Mortgage (30yr)
$1,013 / mo
$200,000 · 4.5% · 30 years

Student Loan
$530 / mo
$50,000 · 5% · 10 years

Mortgage (15yr)
$1,530 / mo
$200,000 · 4.5% · 15 years

Home Renovation
$483 / mo
$25,000 · 8% · 5 years

💡 15-year vs. 30-year mortgage: A 15-year mortgage has higher monthly payments but you pay dramatically less interest overall. On a $200,000 loan at 4.5%, the 30-year option costs roughly $164,000 in total interest — the 15-year option costs around $75,000. That’s a difference of nearly $90,000.

What Is an Amortization Schedule?

An amortization schedule is a complete table showing every single monthly payment over the life of a loan. For each payment it shows how much goes toward the principal (reducing what you owe) and how much goes toward interest (the cost of borrowing). In the early months of a loan, most of your payment goes toward interest. Over time, this shifts and more goes toward principal.

Our calculator generates a full amortization schedule automatically. Click „Show“ after calculating to see the complete breakdown for every month of your loan.

How Much Can I Afford to Borrow?

Lenders commonly use two key rules to assess how much you can afford to borrow. Our „Affordability“ tab applies both automatically:

The 28% Rule

Your monthly housing costs (mortgage payment, taxes, insurance) should not exceed 28% of your gross monthly income. For example, if you earn $5,000 per month, your housing costs should ideally be no more than $1,400.

The 36% Rule (Debt-to-Income)

Your total monthly debt payments — including your new loan — should not exceed 36% of your gross monthly income. This includes car loans, student loans, credit cards, and any other recurring debt obligations.

⚠️ Important: The results from this calculator are estimates for informational purposes only. Actual loan terms, interest rates, and approval amounts depend on your credit score, income verification, and individual lender criteria. Always consult a qualified financial advisor before making borrowing decisions.

Frequently Asked Questions

Enter your loan amount, annual interest rate, and loan term in years into our Loan Calculator tab, then click Calculate. The result shows your monthly payment, total repayment, and total interest paid over the life of the loan.
The principal is the original amount you borrowed. Interest is the fee the lender charges for lending you that money, expressed as a percentage of the remaining balance. Each monthly payment covers both — early payments are mostly interest, while later payments go mostly toward principal.
A shorter loan term means higher monthly payments but significantly less total interest paid. A longer term lowers your monthly payment but costs more overall. The right choice depends on your cash flow and financial goals. Use our calculator to compare both scenarios side by side.
A larger down payment reduces the amount you need to borrow, which lowers your monthly payment and the total interest you pay. It can also help you avoid private mortgage insurance (PMI), which is often required when the down payment is less than 20% of the home price.
Your debt-to-income ratio is the percentage of your gross monthly income that goes toward debt payments. Lenders use it to assess your ability to manage monthly payments. A DTI below 36% is generally considered healthy. Our Affordability tab calculates your DTI automatically.
Yes. The Loan Calculator tab works for any fixed-rate installment loan, including car loans, personal loans, and student loans. Simply enter the loan amount, the interest rate your lender is offering, and the repayment term.
Our calculator uses the standard amortization formula used by banks and lenders worldwide, so the results are mathematically accurate for fixed-rate loans. However, actual loan offers from lenders may differ based on fees, credit scores, and other factors not included here.
An amortization schedule shows you the exact breakdown of every payment over the life of your loan — how much goes to principal, how much to interest, and what your remaining balance is after each payment. It's useful for understanding the true cost of a loan and for planning extra payments to pay it off faster.
Nach oben scrollen