Calculate loan payments, interest, and payment schedules instantly
Input the loan amount you want to borrow, the annual interest rate, and the loan term in years.
The calculator uses the standard loan formula to determine your monthly payment, total cost, and interest.
View your payment breakdown showing how much goes toward principal vs. interest for the first year.
Uses the standard loan payment formula for precise monthly payment and interest calculations.
See a detailed breakdown of the first 12 months showing principal, interest, and remaining balance.
View monthly payment, total payment over the loan term, and total interest charges at a glance.
The monthly payment is calculated using the loan payment formula: M = P × [r(1+r)^n] / [(1+r)^n-1], where M is the monthly payment, P is the principal, r is the monthly interest rate, and n is the number of payments.
The total payment includes both the principal amount you borrowed and the total interest charged over the life of the loan. It represents the full amount you will pay back.
Most loans allow early payoff, but some may charge prepayment penalties. Check with your lender about their specific policies. Paying early can save you interest.
A higher interest rate increases both your monthly payment and the total interest paid over the life of the loan. Even a small difference in rate can significantly impact the total cost.
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