Loan Calculator
Loan Calculator - Monthly Payment & Total Interest
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Frequently Asked Questions
Monthly payment = P × [r(1+r)^n] / [(1+r)^n - 1], where P = principal, r = monthly interest rate, n = number of payments. Our calculator does this automatically.
Amortization is the process of paying off a loan through regular payments. Early payments are mostly interest; later payments are mostly principal.
Interest rate is the base cost of borrowing. APR (Annual Percentage Rate) includes fees and other costs, making it the true cost of the loan.
Extra payments directly reduce the principal, which reduces future interest. Even small extra monthly payments can save thousands and cut years off a loan.