Loan Calculator
Estimate payments, interest, and payback schedules for personal loans or mortgages.
Monthly Payment
$512.91
Total Interest
$5,774.80
18.76% of total payment
Total Cost
$30,774.80
Over 5 years
Payment Breakdown
Principal
$25,000 (81.24%)
Interest
$5,775 (18.76%)
What is a Loan Calculator?
A loan calculator is a tool that helps you estimate the key financial details of a loan. By entering the loan amount, interest rate, and term, you can quickly see your estimated monthly payment, the total interest paid over time, and the total loan cost. It also includes an amortization schedule, which shows how each payment is split between principal and interest.
How to Use the Loan Calculator
- Select Loan Type: Choose between "Personal Loan" or "Mortgage." The input fields will adjust automatically.
- Enter Loan Details: Enter the loan amount (or home price), interest rate, and loan term in years. For mortgages, you can also include a down payment.
- Review the Results: The summary cards update instantly to show monthly payment, total interest, and total cost.
- Explore the Breakdown: The pie chart shows how much you’ll pay toward principal versus interest.
- View the Schedule: Click on "Amortization Schedule" to see a month-by-month breakdown of payments until the loan is paid off.