Free Loan Calculator
Calculate monthly payment, total interest, and total cost for any loan. 100% in your browser.
How It Works
Enter loan amount, annual interest rate, and loan term in years or months. The tool calculates monthly payment, total interest paid, and total cost of the loan. An amortization schedule shows how each payment splits between principal and interest.
When to Use It
- Mortgage comparison — compare monthly payments across different loan amounts, rates, and terms before making an offer.
- Business loan planning — calculate repayment schedules for equipment financing or working capital loans.
- Debt consolidation — determine if consolidating multiple loans into one with a lower rate actually saves money.
Frequently Asked Questions
How is the monthly payment calculated?
Using the standard amortization formula: M = P[r(1+r)^n] / [(1+r)^n-1], where P is principal, r is monthly rate, and n is total payments.
Does it include insurance or fees?
The calculator covers principal and interest only. Add insurance premiums, origination fees, and other costs to the loan amount for a more complete picture.
Can I calculate early payoff savings?
Compare the total interest with a shorter loan term to see how much you save. The amortization table shows remaining principal at any point.
All calculations happen in your browser. No data is sent to any server.