Loan Payment Calculator
Calculate monthly loan payments, total interest and total cost for mortgages, auto loans and personal loans. Includes an amortization schedule. Free, instant, no sign-up.
How to use this loan payment calculator
- 1
Enter the loan amount, annual interest rate, and loan term.
- 2
Optionally add extra monthly payments.
- 3
See your monthly payment, total interest, total cost, and full amortization schedule.
Frequently asked questions
▸How are monthly loan payments calculated?
Payments use the standard 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.
▸How can I reduce the total interest on my loan?
Pay more than the minimum each month, make extra payments toward the principal, or choose a shorter loan term. This calculator shows exactly how extra payments cut your total interest.
▸Does this loan calculator include taxes and insurance?
No — it focuses on the principal and interest. Your full mortgage or auto payment may also include property tax, insurance, or fees that vary by location.