Loan Calculator
Calculate monthly payments, total interest, and see your repayment schedule.
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Monthly payment
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Total paid
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Total interest
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Frequently Asked Questions
How is the monthly payment calculated?
We use the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is principal, r is monthly interest rate, and n is number of payments.
What is amortization?
Amortization is the process of paying off debt with regular payments. Early payments go mostly to interest; later payments go mostly to principal.
Should I choose a shorter or longer loan term?
A shorter term means higher monthly payments but much less total interest paid. A longer term reduces monthly payments but costs significantly more overall.
Does this include fees and other charges?
This calculator shows pure principal and interest. Real loans may include origination fees, insurance, and other charges not reflected here.