Loan Calculator — Monthly Payment & Amortization Schedule Free
Calculate monthly payments for mortgages, car loans, or personal loans. Enter the loan amount, interest rate, and term to instantly see your monthly payment, total interest, and a full amortization schedule. Compare up to 3 loan scenarios side by side and download the schedule as CSV.
100% private. All calculations run locally in your browser. No data is collected or transmitted.
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How to Use the Loan Calculator
- 01
Enter loan details
Input the loan amount, annual interest rate, and loan term in months or years.
- 02
Review your results
See monthly payment, total interest paid, and the principal vs. interest breakdown bar.
- 03
Compare and download
Add alternative scenarios to compare rates/terms, and download the full amortization schedule as CSV.
Frequently Asked Questions
How is the monthly loan payment calculated?
The monthly payment uses the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments. This ensures each payment covers accrued interest plus a portion of the principal, resulting in a fixed payment amount throughout the loan term.
What is an amortization schedule?
An amortization schedule is a table showing how each loan payment is divided between principal and interest over the life of the loan. Early payments consist mostly of interest; as time goes on, more of each payment goes toward the principal. By the final payment, nearly the entire amount reduces the principal balance.
How much does a 1% lower interest rate save?
The savings depend on loan amount and term. For example, on a $300,000 mortgage over 30 years, reducing the rate from 7% to 6% saves roughly $200/month and over $70,000 in total interest. Use the loan comparison feature on this calculator to see exact savings for your specific loan.
What is the difference between interest rate and APR?
The interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus additional fees (origination fees, mortgage insurance, etc.) spread over the loan term. APR is always equal to or higher than the interest rate and gives a more accurate picture of the true cost of a loan.
Should I choose a shorter or longer loan term?
A shorter term (e.g., 15-year mortgage) means higher monthly payments but significantly less total interest paid. A longer term (e.g., 30-year mortgage) has lower monthly payments but you pay more interest overall. The right choice depends on your monthly budget flexibility. Use the comparison tool to see the tradeoff between different term lengths.
Can I pay off a loan early?
Yes, and it saves substantial interest. Making extra payments toward the principal reduces the balance faster, which means less interest accrues each month. Some loans have prepayment penalties — check your loan agreement before making extra payments. Even small additional monthly payments can reduce your loan term by years.