Calculate monthly loan payments, total interest paid, and full loan amortization schedules for personal, auto, or business loans.
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A loan calculator determines fixed periodic repayment amounts necessary to fully pay off a borrowed principal amount plus interest over a designated term. It illustrates how early payments consist predominantly of interest, while later payments pay down principal.
M = P \left[ \frac{r(1+r)^n}{(1+r)^n - 1} \right]Where M is monthly payment, P is principal balance, r is periodic monthly interest rate (annual APR / 12 / 100), and n is total count of monthly payments (years × 12).
Scenario: Borrow $20,000 for an auto loan at 6% interest for 5 years (60 months).
Monthly rate: 0.06 / 12 = 0.005.
Calculate multiplier: (1.005)^60 = 1.34885.
Monthly payment: 20,000 × [ (0.005 × 1.34885) / (1.34885 - 1) ] = $386.66.
Total cost: $386.66 × 60 = $23,199.36.
An amortization schedule is a complete table showing each periodic payment, detailing the exact portion that pays down interest vs. principal, and the remaining balance after each installment.
When extra payments are applied directly to principal, they reduce the balance that future interest is computed on, saving significant money and retiring the loan early.
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