1. What does this tool do
This free online loan calculator gives you monthly payment, total interest, and a full amortization schedule for any loan or mortgage—instantly. Use it as a mortgage calculator or loan payment calculator to plan repayments or compare loan options. Enter principal, rate, and term; get results with no sign-up and no upload. Everything runs in your browser so your data stays on your device. Ideal for home loans, auto loans, or personal borrowing decisions.
2. How to use it
Quick start: Enter loan amount, annual interest rate, and term (years or months). View monthly payment, total interest, and the full amortization table—then adjust inputs to compare scenarios.
- Enter loan details — Principal (amount borrowed), annual interest rate, and term (years or months).
- View payment — Monthly (or per-period) payment is calculated automatically.
- See total interest — Total interest over the life of the loan is displayed.
- Open amortization table — Review each payment: amount to principal, to interest, and remaining balance.
3. How it works
Monthly payment uses the standard amortization formula: P = (r × PV) / (1 − (1 + r)^(−n)), where P is payment, r is periodic rate (annual rate / 12), PV is present value (principal), n is number of payments. Amortization is built by applying each payment to interest first, then principal, and updating the balance. All calculations run in your browser; no data is sent to any server.
4. Use cases & examples
- Mortgage calculator for home loans — See monthly payment and total interest for a 15- or 30-year mortgage.
- Auto or personal loan — Compare different terms or rates before you borrow.
- Borrowing decisions — Quickly test “what if” with different amounts or terms.
Example
- $200,000 at 6% for 30 years → ~$1,199/month; total interest ~$359,000 (approximate; use the tool for exact figures).
5. Limitations & known constraints
- Standard loan — Assumes fixed rate and level payments. Balloon payments, variable rates, or fees may require a different calculator.
- No tax or insurance — Results are principal and interest only; escrow (tax, insurance) is not included.
- Rounding — Slight rounding in display or schedule may occur; use for planning, not legal documents.