Calculate monthly payments and total interest
| Month | Payment | Principal | Interest | Balance |
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Monthly payment = P[r(1+r)^n]/[(1+r)^n-1], where P is the loan amount, r is the monthly interest rate, and n is the number of payments. This formula applies to fixed-rate mortgages, auto loans, and personal loans.
Calculate monthly loan payments, total interest, and amortization schedules for any loan. Compare different loan terms and interest rates to find the best option. Supports mortgages, auto loans, personal loans, and student loans.
A loan consists of the principal (amount borrowed), interest rate (cost of borrowing), and term (repayment period). Monthly payments are calculated using an amortization formula that ensures equal payments over the loan term. Early payments go mostly toward interest, while later payments go mostly toward principal.
Interest rates can be fixed (stays the same) or variable (changes with market conditions). Fixed rates provide payment stability, while variable rates may start lower but can increase. The APR (Annual Percentage Rate) includes the interest rate plus fees, giving you the true cost of borrowing. Always compare APRs, not just interest rates.
Shorter terms mean higher monthly payments but less total interest. A 15-year mortgage saves tens of thousands in interest compared to a 30-year mortgage, but has significantly higher monthly payments. Choose based on your budget, cash flow needs, and financial goals. Paying extra toward principal can effectively shorten any loan term.
Improve your credit score before applying (750+ gets the best rates). Shop around with at least 3-5 lenders. Consider credit unions, which often offer lower rates. Make a larger down payment to reduce the loan amount. Avoid taking on new debt before applying. Get pre-approved to strengthen your negotiating position.
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Our calculator uses standard formulas and industry-accepted methods for high accuracy. Results are suitable for planning and estimation. For critical applications, always verify with a professional.
Yes. All calculations happen in your browser using JavaScript. No data is ever sent to any server. Your inputs and results never leave your device, ensuring complete privacy.
Yes. This tool is fully responsive and works on smartphones, tablets, and desktop computers. No app download is needed — just use your web browser.
We regularly update our tools to ensure accuracy and improve the user experience based on feedback. The underlying formulas are based on established standards and are verified for correctness.