Loan Calculator
Free online loan calculator — estimate monthly payments, total interest, and see your amortization schedule for any loan amount and interest rate.
How the Loan Calculator Works
This loan calculator uses the standard amortization formula to determine your fixed monthly payment. It works for personal loans, auto loans, student loans, and any other installment loan with a fixed interest rate.
M = P × [r(1+r)n] / [(1+r)n - 1]
Where M is the monthly payment, P is the loan amount, r is the monthly interest rate, and n is the total number of monthly payments.
Example Calculation
For a $25,000 loan at 5.5% interest over 5 years:
- Monthly payment: $477.53
- Total payment: $28,651.78
- Total interest: $3,651.78
Tips for Reducing Loan Interest
Making extra payments toward the principal can significantly reduce the total interest you pay. Even small additional amounts each month can shorten your loan term by months or years.