Use this free loan calculator to find your monthly payment, total interest and full repayment schedule in seconds. It works as an auto loan calculator, car loan calculator, home loan calculator, mortgage loan calculator, personal loan calculator and student loan calculator.
Enter the loan amount, term and interest rate, then see exactly how much you will pay back before you talk to a bank or lender.
Free Loan Calculator
Pick a quick example or type your own numbers.
Fixed payments until the loan is fully paid. This is the usual calculation for car, home, personal and student loans.
This loan calculator gives estimates only. Your lender's real offer can differ because of fees, taxes, insurance and rounding. Calculations run inside your browser and nothing you type is stored.
How to Use This Loan Calculator
You can get your result in under a minute:
- Choose a loan type. Tap Auto / Car, Home, Mortgage, Personal or Student Loan to load an example, or leave the default Amortized Loan tab for any regular loan.
- Enter the loan amount you want to borrow.
- Enter the loan term in years, plus extra months if needed.
- Enter the yearly interest rate offered by your bank or lender.
- Keep Compound on Monthly and Pay Back on Every Month unless your lender uses something different.
- Press Calculate to see your payment, total interest and the principal-versus-interest chart.
- Press View Amortization Table to see how every payment is split between principal and interest.
Types of Loan Calculators
All of these loans work in the same way: you borrow an amount, pay interest and repay it in fixed instalments. Only the usual amount, term and rate change. Tap an example to load it into the calculator above. The numbers are just samples, so replace them with your own.
Auto Loan Calculator and Car Loan Calculator
An auto loan calculator, also called a car loan calculator, shows what a vehicle will really cost per month. For example, a 25,000 car loan at 7% over 5 years has a monthly payment of about 495.03 and total interest of about 4,701.80. Comparing a 3-year, 5-year and 7-year term is the quickest way to find a payment that fits your budget.
Home Loan Calculator
A home loan calculator helps you plan one of the biggest purchases of your life. Try different down payments and terms to see how much interest you pay over 15, 20 or 30 years. A bigger down payment means a smaller loan amount and less interest.
Mortgage Loan Calculator
A mortgage loan calculator estimates the principal and interest part of your mortgage payment. Remember that a real mortgage payment may also include property tax, home insurance and other charges, which are not included here, so add them separately for a full monthly budget.
Personal Loan Calculator
A personal loan calculator is useful for unsecured loans such as medical bills, weddings, travel or debt consolidation. These loans usually have higher interest rates and shorter terms than car or home loans, so checking the total interest before you sign is very important.
Student Loan Calculator
A student loan calculator lets you see what you will repay after graduation. Try a longer term to lower the monthly payment, or a shorter term to clear the debt faster and pay less interest overall.
Loan Calculator Formula: How Monthly Payments Are Calculated
For a standard amortized loan, the payment for each period is found with this formula:
Payment = P × i ÷ (1 − (1 + i)−n)
- P is the loan amount (principal).
- i is the interest rate for one payment period. For a monthly payment this is the yearly rate divided by 12.
- n is the total number of payments.
Example: a 100,000 loan at 6% for 10 years has i = 0.5% and n = 120, which gives a monthly payment of about 1,110.21 and total interest of about 33,224.60.
Why the Loan Term Matters
A longer term lowers your monthly payment but increases the total interest. The table below shows a 100,000 loan at 6% interest with monthly payments:
| Loan term | Monthly payment | Total interest |
|---|---|---|
| 5 years | 1,933.28 | 15,996.81 |
| 10 years | 1,110.21 | 33,224.60 |
| 15 years | 843.86 | 51,894.23 |
| 20 years | 716.43 | 71,943.45 |
| 30 years | 599.55 | 115,838.19 |
Three Kinds of Loans This Calculator Covers
Amortized Loan
You repay the loan with equal payments made on a schedule until the balance reaches zero. Car loans, mortgages, personal loans and student loans are almost always amortized loans.
Deferred Payment Loan
You make one single payment at the end of the term that includes the principal and all interest that has built up. These are more common in short-term and commercial lending.
Bond
A bond is repaid with a fixed face value at maturity. The Bond tab shows how much you would receive today for a given amount due at the end of the term, which is how zero-coupon bonds are priced.
Secured and Unsecured Loans
A secured loan, such as a mortgage or car loan, is backed by an asset like a house or vehicle. If you stop paying, the lender can take that asset, so interest rates are often lower. An unsecured loan, such as a personal loan, has no collateral, so lenders depend on your credit history and income, and rates are usually higher.
Tips to Reduce the Interest You Pay
- Choose the shortest term you can afford. A shorter loan always costs less interest.
- Make a bigger down payment to borrow less.
- Compare interest rates from several banks and lenders before you decide.
- Improve your credit score before applying. Better scores usually get better rates.
- Pay extra when you can. Extra payments go straight to principal and reduce future interest, if your lender allows it without penalty.
- Read the fees. Processing fees and early repayment charges can change the true cost of a loan.
Frequently Asked Questions (FAQ)
What is a loan calculator?
A loan calculator is a tool that estimates your regular payment, the total amount you will repay and the total interest cost of a loan, based on the amount, term and interest rate.
How do I calculate my monthly loan payment?
Enter the loan amount, the term and the yearly interest rate, then press Calculate. The calculator uses the standard amortization formula to show your monthly payment instantly.
What is the difference between an auto loan calculator and a car loan calculator?
There is no difference. Both names describe the same tool, which estimates the payments and interest on a vehicle loan.
Does this mortgage loan calculator include taxes and insurance?
No. It calculates principal and interest only. Property tax, home insurance and other charges are not included, so add them to your estimate separately.
Can I use this as a home loan calculator?
Yes. Enter the amount you plan to borrow after your down payment, the term in years and the rate offered by your bank to get your estimated home loan payment.
Can I use it as a personal loan calculator or student loan calculator?
Yes. Any loan with fixed payments works. Enter the loan amount, term and interest rate for your personal loan or student loan.
Does a shorter loan term save money?
Yes. A shorter term means a higher monthly payment but much less total interest. A longer term lowers the payment but costs more over time.
Is this loan calculator free and accurate?
It is completely free with no signup. The results are accurate estimates based on the numbers you enter, but your lender's final offer may differ because of fees and other charges.
Can I change the currency?
Yes. Choose a currency symbol from the dropdown. The calculation stays the same, only the symbol shown in the results changes.
Final Words
Whether you need a car loan calculator, a home loan calculator or a personal loan calculator, this free tool shows the real cost of borrowing before you commit. Try a few different terms and rates, compare the total interest, and choose the loan that fits your budget. Bookmark this page so it is ready the next time you need to check a loan. This calculator is for information only and is not financial advice.