Loan Calculator
Calculate monthly payments, total interest, and view your full amortization schedule
How to Use the Loan Calculator
Our Loan Calculator helps you understand the true cost of borrowing money. Enter your loan amount, annual interest rate, and loan term to instantly see your monthly payment, total amount repaid, and the total interest you'll pay over the life of the loan. The amortization schedule shows exactly how each payment is split between principal and interest for every month of your loan.
Understanding Amortization
Most loans use an amortizing structure where each payment is the same amount, but the proportion of principal versus interest changes each month. In the early months of a loan, a larger portion of each payment goes toward interest. As the loan balance decreases over time, more of each payment goes toward the principal. Our amortization schedule makes this breakdown transparent and easy to understand.
Tips for Reducing Loan Costs
The most effective way to reduce the total interest paid is to either choose a shorter loan term or make extra payments on the principal. Making even one extra payment per year can significantly reduce the total interest cost and pay off the loan faster. Shopping for the lowest possible interest rate is also critical — even a 0.5% difference in rate can save thousands of dollars over the life of a large loan like a mortgage.
Disclaimer
This calculator provides estimates for informational purposes only. Actual loan terms, rates, and payments may vary based on your credit score, lender policies, fees, and other factors. Always consult with a licensed financial professional before making borrowing decisions.