Payment Breakdown
Amortization Schedule
First 12 months shown
| Month | Payment | Principal | Interest | Balance |
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What Is a Loan Calculator
A loan calculator estimates your monthly payment based on the loan amount, interest rate, and term. It's commonly used for mortgages, auto loans, and personal loans to understand borrowing costs before committing.
How to Calculate Loan Payments
Monthly loan payments are calculated using the amortization formula. The payment depends on three factors: the principal amount borrowed, the annual interest rate, and the loan term. This calculator shows you the monthly payment, total interest, and provides a complete amortization schedule.
How Loan Term Affects Your Payment
The loan term significantly impacts both your monthly payment and total cost. A longer term (like 30 years) means lower monthly payments but more interest paid over time. A shorter term (like 15 years) means higher monthly payments but less total interest. Use this calculator to compare different scenarios.
How to Use This Loan Calculator
- Enter your loan amount, interest rate, and term
- Results update automatically as you type
- Review the payment breakdown and amortization schedule
- Adjust values to compare different loan scenarios