Can I use this calculator for a car loan, personal loan, or mortgage?
Yes. Enter the loan amount, annual interest rate, and term in months for any fixed-rate loan – car loans, personal loans, home equity loans, or student loans.
Free Loan Calculator – Monthly Payment & Amortization
Instantly calculate your monthly payment, total repayment, and total interest for any fixed-rate loan – no sign-up needed.
Enter your loan details and click Calculate to see the yearly amortization chart.
Enter loan amount, rate, and term to see your monthly payment
How to Use This Free Loan Calculator
This free loan calculator helps you estimate monthly payment, total repayment, and total interest before you take out a loan. Enter your loan amount, annual interest rate, and repayment term in months to get an instant amortization breakdown. It works for personal loans, car loans, home equity loans, and any other fixed-rate borrowing.
Loan Planning Tips
- Compare different loan terms to find the best balance between monthly payment size and total interest paid.
- Even a 0.5% difference in interest rate can save hundreds of dollars over a multi-year loan – always shop rates.
- Keep your monthly payment below 15–20% of your take-home pay to maintain a healthy financial buffer.
Loan Calculator FAQs
Does this loan calculator include fees or insurance?
No. The calculator covers principal and interest only. Factor in origination fees, insurance, and other lender costs separately when comparing offers.
Why is the total repayment higher with a longer loan term?
A longer term lowers your monthly payment but adds more months of interest charges. The amortization chart shows exactly how much extra interest a longer term costs.
More about this tool
How to use
- Enter the amount borrowed, annual interest rate, and repayment term in months.
- Check that the rate and term match the offer you want to model.
- Calculate the payment and inspect total interest and the yearly principal/interest breakdown.
- Repeat with another rate or term to compare scenarios; fees and changing rates are not included.
Worked example
For a $20,000 loan at a 6% annual rate over 60 months, the fixed monthly-payment formula gives a payment of about $386.66 before fees. The total of 60 payments is about $23,199.60, including roughly $3,199.60 in interest. Actual lender schedules can differ because of fees, payment timing, or variable-rate terms.
What the payment estimate represents
The calculator uses the entered amount, annual rate, and term to estimate a level monthly payment. It then totals the scheduled payments and separates the interest and principal portions by year. At a zero interest rate, the principal is divided evenly across the entered months.
This is a comparison aid for a simplified fixed-rate repayment schedule. It does not include lender fees, insurance, taxes, late charges, or changes to a variable rate. Compare the result with a lender’s official disclosure before borrowing.
Frequently asked questions
What information does the loan calculator need?
Enter the amount, annual interest rate, and loan term in months. The page calculates a monthly payment and repayment breakdown from those values.
Does the estimate include lender fees?
No. The calculation models principal and interest only; fees and other charges can change the amount you pay.
Why can a longer term increase total interest?
With more payment periods, interest can accrue for longer even when the scheduled monthly payment is lower. Compare both payment and total repayment.
Can I use this for a variable-rate offer?
Only as a fixed-rate scenario using the rate you enter. The estimate cannot forecast future rate changes.