Loan Calculator
Calculate your monthly payments, total interest, and complete loan repayment schedule
Enter Loan Details
Additional Options
Loan Summary
Monthly Payment (EMI)
$477.83
Total Interest
$3,669.75
Total Payment
$28,669.75
Payoff Date
Jun 2028
Payment Breakdown
Amortization Schedule
| Payment No. | Payment Date | Payment Amount | Principal | Interest | Remaining Balance |
|---|---|---|---|---|---|
| Click "Calculate Loan Payments" to view the full amortization schedule | |||||
What is a Loan Calculator?
A loan calculator is a financial tool that helps you estimate monthly payments, total interest costs, and the amortization schedule for various types of loans, including personal loans, mortgages, auto loans, and more.
Our loan calculator takes into account the principal amount, interest rate, loan term, and any extra payments to provide accurate financial projections for your loan.
How to Use This Calculator
- Enter your loan amount (the principal you're borrowing)
- Input the annual interest rate (APR) offered by your lender
- Specify the loan term in years or months
- Optionally set the start date and any extra monthly payments
- Click "Calculate Loan Payments" to see your results
- Review your monthly payment, total interest, and full amortization schedule
Financial Tips
- Making extra payments can significantly reduce your total interest and loan term
- Compare loan offers from multiple lenders to get the best interest rate
- A shorter loan term means higher monthly payments but less total interest
- Consider refinancing if interest rates drop significantly after taking your loan
Loan Calculator Use Cases
Mortgage Planning
When planning to buy a home, use this calculator to estimate monthly mortgage payments and the total cost over the life of the loan. Compare different scenarios by adjusting down payment amounts, terms, and interest rates.
Example:
For a $300,000 home with a 20% down payment ($60,000), a 30-year mortgage at 3.5% interest would result in a monthly payment of approximately $1,077 (principal and interest only).
Auto Loan Comparison
Compare different auto loan offers to determine which one offers the best value. See how various interest rates and loan terms affect your monthly payment and total interest paid over time.
Example:
For a $25,000 car loan, compare a 5-year term at 4.5% ($466/month) versus a 3-year term at 3.9% ($737/month). The 3-year option saves approximately $1,800 in interest.
Personal Loan Budgeting
Before taking out a personal loan for debt consolidation, home improvement, or major expenses, use this calculator to ensure the monthly payments fit within your budget constraints.
Example:
For a $15,000 personal loan at 8% interest over 4 years, your monthly payment would be approximately $366. Plan your budget to ensure you can comfortably afford this payment each month.
Extra Payment Analysis
Discover how making additional payments can shorten your loan term and reduce the total interest paid. This strategy helps you become debt-free faster and save money over time.
Example:
On a $200,000 30-year mortgage at 4%, adding just $100 extra to each monthly payment could help you pay off the loan 4 years earlier and save over $27,000 in interest.
How Loan Calculations Work
Monthly Payment Formula (EMI)
P × r × (1 + r)^n / [(1 + r)^n - 1]
Where:
- P = Principal loan amount
- r = Monthly interest rate (annual rate ÷ 12 ÷ 100)
- n = Total number of payments (term in years × 12)
Amortization Calculation
Each payment is split between principal and interest. Initially, most of your payment goes toward interest. As your loan matures, more goes toward principal.
Interest Payment = Outstanding Balance × Monthly Interest Rate
Principal Payment = Monthly Payment - Interest Payment
Frequently Asked Questions
Related Financial Calculators
EMI Calculator
Calculate equated monthly installments for loans and mortgages.
Interest Calculator
Compute simple and compound interest for various investments.
SIP Calculator
Plan your systematic investment plan returns over time.
Income Tax Calculator
Estimate your income tax liability based on income and deductions.