Loan Calculator - Free Online Tool

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Loan Details

Enter the amount, rate, and term to estimate your payment.

Currency

Loan Amount

USD

Annual Interest Rate

%

Loan Term

Extra Monthly Payment (optional)

USD

Your loan estimate will appear here

Enter the loan details on the left and calculate.

All calculations run in your browser. This estimate excludes taxes, insurance, fees, variable rates, and lender-specific charges.

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Reference

How Loan Payments Work

Fixed-rate loans are repaid through regular principal and interest payments.

Principal

Amount Borrowed

Principal is the amount you borrow before interest, fees, or optional extra payments are applied.

APR / Rate

Annual Cost

The calculator uses your annual interest rate and converts it to a monthly rate for the payment formula.

Term

Repayment Length

Longer terms usually lower the monthly payment but increase the total interest paid over time.

Extra Payments

Faster Payoff

Extra monthly payments reduce the remaining balance faster and can lower total interest.

FAQ

Common Questions

How is the monthly loan payment calculated?

It uses the standard fixed-rate amortization formula based on loan amount, monthly interest rate, and number of monthly payments. If the interest rate is 0%, the payment is simply the loan amount divided by the number of months.

Does this include taxes, insurance, or lender fees?

No. The estimate covers principal and interest only. Real loan payments may include taxes, insurance, origination fees, escrow items, closing costs, or other lender-specific charges.

How do extra monthly payments help?

Extra payments are applied toward the remaining balance in this estimate. That can shorten the payoff time and reduce total interest, assuming your lender applies extra payments to principal and has no prepayment penalty.

Is my loan information saved?

No. The calculator runs in your browser using JavaScript. Your loan amount, rate, and term are not sent to a server.