Loan Calculator
Estimate your monthly payments for any loan and see a detailed amortization schedule.
Loan Details
How to Use the Loan Calculator
1. Enter Loan Details
Input the total loan amount, the annual interest rate, and the loan term in years.
2. Calculate
Click the "Calculate" button to see your monthly payment and a summary of the loan costs.
3. Review Schedule
Scroll through the detailed amortization table to see how each payment breaks down over the life of the loan.
Understanding Your Loan
Principal
The total amount of money you borrow from a lender. Your payments gradually reduce this amount over time.
Interest Rate
The percentage charged by the lender for borrowing the money. This is a key factor in your total loan cost.
Loan Term
The amount of time you have to repay the loan, typically expressed in years. Longer terms mean lower monthly payments but more total interest paid.
Frequently Asked Questions
What is amortization?
Amortization is the process of spreading out a loan into a series of fixed payments. While a portion of each payment goes towards interest, the majority goes towards paying down your principal balance.
How does the interest rate affect my payment?
A higher interest rate means you'll pay more for the privilege of borrowing money. Even a small difference in the rate can lead to thousands of dollars in extra interest paid over the life of the loan.
Can I make extra payments?
Yes, in most cases. Making extra payments that go directly toward your principal can significantly shorten your loan term and reduce the total interest you pay. Check with your lender to ensure there are no prepayment penalties.