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Loan Calculator
Free loan calculator. Calculate monthly payments, total interest, and payoff schedules for any type of loan.
Principal vs. Interest
Frequently Asked Questions
What is the loan calculator used for?
The loan calculator estimates monthly payments and total interest on any fixed-rate loan — personal, student, business, or otherwise — given the principal, rate, and term. It also shows how the balance amortizes over time.
Who is the loan calculator for?
Borrowers comparing offers from different lenders, anyone consolidating debt, and people deciding whether to take a loan in the first place. It is also useful for budgeters who want to see a payment number before committing.
What problems can a loan calculator solve?
It clarifies the true cost of borrowing, including how much of every payment is consumed by interest. By comparing two loans side by side, it shows whether a lower rate or a shorter term saves more money overall.
What questions can a loan calculator answer?
It answers questions like "What will my monthly payment be on a $20,000 loan at 9% for five years?", "How much total interest will I pay?", and "Is a shorter term worth the higher monthly payment?"