Loan Calculator
Free online Loan Calculator.
Calculator
How to Use
- Enter the required values
- Click Calculate to see the result
- Review the detailed output
Formula
M = P[r(1+r)^n] / [(1+r)^n - 1], where M = monthly payment, P = principal loan amount, r = monthly interest rate (annual rate / 12), n = total number of payments (loan term in months).
Example Calculations
30-Year Fixed Mortgage
Input: $300,000 at 6.5% for 30 years
Result: Monthly payment: $1,896.20, Total paid: $682,634
Car Loan
Input: $25,000 at 4.9% for 5 years
Result: Monthly payment: $470.53, Total interest: $3,231.79
Personal Loan
Input: $10,000 at 8.5% for 3 years
Result: Monthly payment: $315.77, Total paid: $11,367.72
About This Calculator
Free online loan calculator. Calculate instantly in your browser with our easy-to-use tool. No sign-up required.
Our loan calculator is free, easy to use, and provides instant results. All calculations are performed in your browser for privacy and speed.
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Frequently Asked Questions
How is a loan payment calculated?
Using M = P[r(1+r)^n]/[(1+r)^n-1], where P is principal, r is monthly rate, and n is number of payments.
Does it include taxes and insurance?
The basic calculator focuses on principal and interest. For PITI including taxes and insurance, use our mortgage calculator.
Fixed-rate vs variable-rate loans?
Fixed-rate keeps the same rate throughout the term. Variable-rate fluctuates with market conditions.
How do extra payments help?
Extra payments reduce principal faster, decreasing total interest and shortening the loan term significantly.
What affects my interest rate?
Credit score, loan term, lender, market rates, and whether the loan is secured or unsecured all affect your rate.
Can I use this for any loan type?
Yes, it works for personal loans, student loans, and installment loans. For auto loans, try our auto loan calculator.