Loan Calculator - Monthly Payment & Amortization
Calculate monthly payments, total interest, and see the full amortization schedule for any loan.
What Is a Loan Calculator?
A loan calculator computes the monthly payment, total interest, and total cost of a loan based on the principal amount, annual interest rate, and loan term. It uses the standard amortization formula to break down each payment into principal and interest portions. This tool also generates a full month-by-month amortization schedule so you can see exactly how your balance decreases over time.
How to Calculate Loan Payments
- Enter Loan Amount — Type the total amount you plan to borrow
- Set Interest Rate — Enter the annual interest rate (e.g., 5.0%)
- Choose Loan Term — Enter the duration in years or months using the toggle
- Click Calculate — View monthly payment, total interest, and total payment instantly
- View Schedule — Click 'Show / Hide' to see the full month-by-month amortization table
Why Use This Loan Calculator?
- Full Amortization Schedule — See every monthly payment broken into principal and interest
- Visual Breakdown — Bar chart shows the ratio of principal to interest at a glance
- Flexible Term — Enter loan term in years or months
- Accurate Formula — Uses the standard fixed-rate amortization formula used by banks
- No Signup — Free, no registration, no data collected
- Privacy — All calculations run in your browser; nothing is sent to a server
FreeToolbox vs Other Loan Calculators
| Feature | FreeToolbox | Bankrate | NerdWallet |
|---|---|---|---|
| Amortization Table | Yes (monthly) | Yes | Yes |
| Visual Chart | CSS bar chart | Pie chart | Graph |
| Term in Months | Yes | No | No |
| Ads | Minimal | Heavy | Heavy |
| Signup Required | No | No | For some features |
| Privacy | Browser-only | Server | Server |
FAQ
What formula does this calculator use?
It uses the standard fixed-rate amortization formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where P is the principal, r is the monthly interest rate, and n is the total number of payments.
Can I use this for mortgage calculations?
Yes. Enter your mortgage amount, interest rate, and term (typically 15 or 30 years) to see your monthly payment and full amortization schedule. Note that actual mortgage payments may also include taxes and insurance.
What if I want to see payments in months instead of years?
Click the 'Months' toggle button next to the term input. You can then enter the exact number of months for your loan.
Does it account for extra payments?
This version calculates standard fixed monthly payments. Extra or irregular payments are not currently supported.
Is this calculator accurate for real loans?
The math is identical to what banks use for fixed-rate loans. However, actual loan terms may include fees, taxes, insurance, or variable rates not reflected here. Use this as a reference tool.