Calculator Suite

Loan Calculator

Calculate monthly payments, total interest, and amortization schedules

Loan Details
Enter your loan information to calculate payments and total costs

The total amount you want to borrow

The yearly interest rate for your loan

How long you'll take to repay the loan

Additional amount you plan to pay each month

When your first payment will be due

Common Loan Terms

15 years20 years25 years30 years

Common Interest Rates

3.5%4.0%4.5%5.0%5.5%6.0%
Loan Formulas
Mathematical formulas used in loan calculations

Monthly Payment Formula

M=P×r(1+r)n(1+r)n−1M = P \times \frac{r(1+r)^n}{(1+r)^n - 1}

MM = Monthly payment

PP = Principal amount

rr = Monthly interest rate

nn = Number of payments

Total Interest

I=M×n−PI = M \times n - P

II = Total interest paid

Remaining Balance

Bk=P×(1+r)n−(1+r)k(1+r)n−1B_k = P \times \frac{(1+r)^n - (1+r)^k}{(1+r)^n - 1}

BkB_k = Balance after kk payments

Understanding Loans

Amortization Process

Each payment consists of principal and interest. Early payments have more interest, while later payments have more principal.

Interest Calculation

Interest for each period: Ik=Bk−1×rI_k = B_{k-1} \times r

Principal for each period: Pk=M−IkP_k = M - I_k

Extra Payment Impact

Extra payments go directly to principal, reducing future interest charges and shortening the loan term.

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Loan Calculator | Calculator Suite