What is the loan calculation formula?

The calculator uses the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n – 1], where M is monthly payment, P is principal, r is monthly interest rate, and n is number of payments. This formula assumes a fixed interest rate and equal monthly payments.

Does this work for variable rate loans?

No, this calculator is for fixed-rate loans only. Variable rate loans (ARMs) have changing interest rates that make long-term calculations unpredictable. For ARMs, calculate based on the initial rate as an estimate, but understand the rate may change.

Why is my actual payment different from the calculation?

The calculator shows principal and interest only. Your actual payment may include property taxes, insurance, PMI, HOA fees, or other costs. These additional costs can add hundreds of dollars to your monthly payment.

How accurate is the amortization schedule?

The schedule is mathematically accurate for the given inputs. However, real loans may have slight variations due to payment timing, rounding policies, or fees. Use this as a planning tool, not a replacement for official loan documents.

Should I choose a shorter or longer loan term?

Shorter terms have higher monthly payments but much lower total interest. For example, a 15-year mortgage typically saves tens of thousands in interest compared to a 30-year mortgage. Use this calculator to compare different terms and see the interest savings.

Is my financial data sent to a server?

No. All calculations happen entirely in your browser using JavaScript. Your loan details are never transmitted over the network. The tool works offline after the page loads.

Tools

Loan Amount

Annual Interest Rate (%)

Loan Term (years)

Monthly Payment

$1,896.20

Total Interest

$382,633.47

Total Payment

$682,633.47

Amortization Schedule(Preview (first 12 months))

Month	Payment	Principal	Interest	Balance
1	$1,896.20	$271.20	$1,625.00	$299,728.80
2	$1,896.20	$272.67	$1,623.53	$299,456.12
3	$1,896.20	$274.15	$1,622.05	$299,181.97
4	$1,896.20	$275.64	$1,620.57	$298,906.34
5	$1,896.20	$277.13	$1,619.08	$298,629.21
6	$1,896.20	$278.63	$1,617.57	$298,350.58
7	$1,896.20	$280.14	$1,616.07	$298,070.44
8	$1,896.20	$281.66	$1,614.55	$297,788.79
9	$1,896.20	$283.18	$1,613.02	$297,505.60
10	$1,896.20	$284.72	$1,611.49	$297,220.89
11	$1,896.20	$286.26	$1,609.95	$296,934.63
12	$1,896.20	$287.81	$1,608.40	$296,646.82

Loan Calculator — Calculate Monthly Payment, Interest & Total Cost

Free loan calculator to calculate monthly payments, total interest, and total cost. Supports mortgage, auto loan, and personal loan calculations. Instant results with amortization schedule preview. All calculations run locally in your browser.

Features

✓Calculate monthly payment for any loan type (mortgage, auto, personal)
✓Calculate total interest paid over the loan term
✓Calculate total cost (principal + interest)
✓Preview amortization schedule showing principal vs interest breakdown
✓Support for various loan terms (1-30 years)
✓Instant calculation as you type
✓Works for fixed-rate loans only
✓All calculations run locally in your browser — no data sent to server
✓Perfect for comparing different loan offers
✓Understand the true cost of borrowing before signing

How to Use

1Enter the loan amount (principal) in the first field.
2Enter the annual interest rate (e.g., 5.5 for 5.5%).
3Enter the loan term in years.
4View instant results: monthly payment, total interest, and total cost.
5Check the amortization preview to see how payments break down.
6Adjust values to compare different loan scenarios.

Frequently Asked Questions

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