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Finance

Loan Payment Calculator

Free loan payment calculator with amortization schedule. Calculate monthly payments, total interest, and payoff timeline for any loan amount.

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Plan Your Loan Payments with Confidence

Before signing any loan agreement, know exactly what you'll pay each month. Our loan payment calculator helps you understand the true cost of borrowing, including total interest paid over the life of the loan, so you can make informed financial decisions.

How Loan Payments Work

A loan payment typically consists of two parts: principal (the original amount borrowed) and interest (the cost of borrowing). Most loans use amortization, where early payments go mostly toward interest, while later payments pay down more principal. Understanding this structure helps you see how extra payments can save thousands in interest and shorten your loan term significantly.

Monthly Payment Formula

M = P × [r(1+r)^n] / [(1+r)^n - 1]

Why Use Our Loan Calculator?

See Total Costs

Understand not just your monthly payment, but the total interest you'll pay over the entire loan term.

Compare Loan Options

Test different loan amounts, interest rates, and terms to find the best option for your budget.

Plan Your Budget

Know exactly what to expect each month so you can budget confidently for your loan payments.

How to Calculate Your Loan Payment

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Loan Payment Scenarios

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Frequently Asked Questions

Even small changes in interest rate significantly impact your total cost. For example, on a $200,000 30-year mortgage, a 1% higher rate can cost over $40,000 more in total interest. Always shop around for the best rates.

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