Loan Calculator
Free loan calculator. Compute monthly payments, total interest and payoff date for any loan, with a full month-by-month amortization schedule.
Monthly payment
$1,580.17
Total interest
$318,861.22
Total paid
$568,861.22
Payoff date
—
Amortization schedule
360 payments · interest share: 56%
| # | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $1,580.17 | $1,354.17 | $226.00 | $249,774.00 |
| 2 | $1,580.17 | $1,352.94 | $227.23 | $249,546.77 |
| 3 | $1,580.17 | $1,351.71 | $228.46 | $249,318.31 |
| 4 | $1,580.17 | $1,350.47 | $229.70 | $249,088.61 |
| 5 | $1,580.17 | $1,349.23 | $230.94 | $248,857.67 |
| 6 | $1,580.17 | $1,347.98 | $232.19 | $248,625.48 |
| 7 | $1,580.17 | $1,346.72 | $233.45 | $248,392.04 |
| 8 | $1,580.17 | $1,345.46 | $234.71 | $248,157.32 |
| 9 | $1,580.17 | $1,344.19 | $235.98 | $247,921.34 |
| 10 | $1,580.17 | $1,342.91 | $237.26 | $247,684.07 |
| 11 | $1,580.17 | $1,341.62 | $238.55 | $247,445.53 |
| 12 | $1,580.17 | $1,340.33 | $239.84 | $247,205.69 |
How to use Loan Calculator
- 1
Enter the loan amount you plan to borrow.
- 2
Type the annual interest rate (e.g. 6.5 for 6.5%).
- 3
Set the term in years (and extra months if needed).
- 4
Read your monthly payment, total interest and payoff date — expand the schedule to see every single payment.
Key features
Monthly payment for any amount, rate and term
Full amortization schedule, month by month
Total interest and total cost breakdown
Payoff date calculation
Years + months term input
Instant results as you type
Pro tip
Compare a 20-year and a 30-year term side by side: the shorter term often saves more in interest than the extra monthly payment costs you.
Loan Calculator — FAQ
Using the standard amortization formula: M = P × r / (1 − (1 + r)^−n), where P is the amount, r the monthly rate and n the number of months.
It is a month-by-month breakdown of your loan showing how much of each payment goes to interest and how much reduces the principal balance.
Interest compounds on the remaining balance each month. Longer terms mean smaller payments but much more total interest — try a shorter term to compare.
No — it computes pure principal-and-interest. Add fees, insurance or taxes separately for a full picture.
No — it is an informational calculator. Always confirm terms with your lender before committing.
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