Calculate monthly payments, total interest, and view amortization schedule for auto, personal, mortgage, and student loans.
| Payment # | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| Enter loan details and click Calculate | ||||
Calculate your monthly loan payments, total interest, and view a complete amortization schedule. This free tool works for auto loans, personal loans, mortgages, and student loans. Simply enter the loan amount, interest rate, and term to see your payment breakdown instantly.
Understanding your loan costs before you borrow helps you make better financial decisions. The amortization schedule shows how each payment is split between principal and interest over the life of the loan, helping you see how much you'll pay over time.
1. Enter loan amount: Input the total amount you plan to borrow in dollars. This is the principal amount of the loan.
2. Set interest rate: Enter the annual interest rate as a percentage. For example, if your rate is 5.5%, enter 5.5.
3. Choose loan term: Select how long you'll repay the loan in years or months. Longer terms mean lower monthly payments but more total interest.
4. Select loan type: Choose the type of loan (auto, personal, mortgage, or student) for personalized results.
5. View results: Click Calculate to see your monthly payment, total interest, and complete amortization schedule showing each payment breakdown.
Monthly payment is calculated using the 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 accounts for compound interest over the loan term.
An amortization schedule is a table showing each loan payment over time. It breaks down how much of each payment goes toward principal versus interest. Early in the loan, most payments go to interest. Over time, more goes to principal.
Shorter terms have higher monthly payments but less total interest. Longer terms have lower monthly payments but more total interest over the loan's life. Choose based on your budget and total cost preference.
This calculator works for auto loans, personal loans, mortgages, and student loans. The calculation method is the same for all types, though typical interest rates and terms vary by loan type.
Yes, simply enter 0 as the interest rate. The calculator will handle zero-interest loans by dividing the principal evenly across the payment period.
This calculator uses the standard amortization formula used by lenders. However, actual payments may vary slightly due to rounding, fees, or specific lender terms. Always verify with your lender for exact payment amounts.