Free Online Loan Calculator

It uses the standard formula P × r × (1 + r)^n ÷ ((1 + r)^n − 1). P is the loan amount, r is the annual rate ÷ 12 ÷ 100 and n is the term in years × 12. For $10,000 at 5% over 5 years, that's $188.71 a month.

No. It shows principal and interest only. For a mortgage, add property tax, homeowners insurance, PMI and any HOA dues to get the full monthly cost. Origination fees and closing costs aren't included either.

Enter the interest rate on your loan offer. Lenders work out the payment from that rate, while the APR also counts certain fees, so it's equal to or higher than the rate. Typing the APR here gives a slightly higher payment than you'll be billed.

Total interest is what you pay on top of the amount you borrowed. The calculator works it out as the monthly payment × the number of payments − the loan amount. A $300,000 mortgage at 7% over 30 years adds $418,526.69 in interest.

Often a lot. At 7%, $300,000 over 15 years costs $2,696.48 a month and $185,367.27 in interest, against $1,995.91 and $418,526.69 over 30 years. Lenders often quote a different rate for each term, so enter the rate each offer gives you.

Yes. Type 0 as the rate. The calculator then divides the loan amount by the number of months, so $12,000 over 3 years is $333.33 a month, with $0.00 in total interest.

No. It shows the totals only, not a month-by-month table. On a $10,000 loan at 5% over 5 years, the first $188.71 payment is about $41.67 interest and $147.04 principal, and each later payment puts a little more toward the principal.

Not yet: there is no extra or lump-sum payment box. Paying extra toward the principal lowers the balance sooner, which usually cuts the total interest and can end the loan early. Ask your lender for an updated payoff figure.

This calculator multiplies the unrounded payment by the number of months. Lenders round each payment to the cent and adjust the last one. For $200,000 at 6.5% over 30 years, that schedule totals $455,085.82, about $3 less than the $455,088.98 shown here. Fees change real totals too.

The term box takes years only, so divide the months by 12: 18 months is 1.5 and 30 months is 2.5. A value that isn't a whole number of months, like 1.3 years, is read as 15.6 payments, so pick a term that makes whole months.

This calculator doesn't size a loan for you, but you can work backward. Decide what monthly payment fits your budget, then try loan amounts at your rate and term until the payment matches. Lenders also look at your income and debts, which this tool doesn't see.

Yes. The amount, rate and term you type are only used on this page and are never saved or sent to us. There is no sign-up, no credit check and no limit on how many loans you compare. On the live site, Google Analytics counts page visits and ads load, but neither receives your loan details.