Loan Calculator
Calculate monthly payments, total interest, and total cost of your loan.
$1,580.17
Monthly Payment
$568,861.22
Total Payment
$318,861.22
Total Interest
Payment Breakdown
Principal: 43.9%Interest: 56.1%
Key Features
- Calculate your exact monthly payment for any loan amount, interest rate and term.
- See the full amortization schedule showing principal and interest for every payment.
- Displays total interest paid over the life of the loan alongside total repayment.
- Supports both monthly and annual interest rate inputs.
- Visualises how extra payments reduce your total interest and payoff date.
- Works for personal loans, auto loans, student loans and any fixed-rate debt.
Frequently Asked Questions
How is a monthly loan payment calculated?
Monthly payments use the amortization formula: P × [r(1+r)^n] / [(1+r)^n − 1], where P is the principal, r is the monthly interest rate and n is the number of payments.
What is an amortization schedule?
An amortization schedule shows every payment broken down into principal and interest. Early payments are heavily weighted toward interest, which shifts toward principal over time.
How does a higher interest rate affect my loan?
Even a 1–2% difference in interest rate can add thousands of dollars to a long-term loan. Use this calculator to compare scenarios before committing.