How is the monthly loan payment calculated?

Monthly loan payments are calculated using the formula: M = P[r(1+r)^n]/[(1+r)^n-1], where M is the monthly payment, P is the principal amount, r is the monthly interest rate, and n is the number of months.

What is an amortization schedule?

An amortization schedule is a table showing each periodic payment on a loan over time. It breaks down how much of each payment goes toward the principal and how much goes toward interest.

Is this loan calculator free to use?

Yes, our loan calculator is completely free to use. You can calculate unlimited loan scenarios, generate amortization schedules, and download PDF reports at no cost.

What types of loans can I calculate?

This calculator works for any type of loan including mortgages, auto loans, personal loans, student loans, and business loans. Simply enter your loan amount, interest rate, and term.

Loan Calculator

Calculate your monthly payments instantly

⚠️ Educational Tool Only: This calculator provides mathematical estimates only and is not financial advice. Please consult qualified financial advisors for personalized guidance.

Currency

Loan Amount

Interest Rate

Loan Term

Your Results

Monthly Payment

$599.55

Total of Payments $215,838

Total Interest Paid $115,838

Payment Breakdown

Loan Calculator

Your Results

Amortization Schedule