Free loan payment calculator with amortization schedule. Calculate monthly payments, total interest, and payoff timeline for any loan amount.
You might also find these calculators useful
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.
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]Understand not just your monthly payment, but the total interest you'll pay over the entire loan term.
Test different loan amounts, interest rates, and terms to find the best option for your budget.
Know exactly what to expect each month so you can budget confidently for your loan payments.
Calculate monthly payments for auto financing and compare dealer offers with bank rates.
Plan for debt consolidation, home improvements, or major purchases with fixed monthly payments.
Estimate your post-graduation payments and plan your repayment strategy.
Get a quick estimate of monthly home payments to set your house-hunting budget.
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.