Work out your monthly payment, total interest and total cost, plus a full year-by-year amortization schedule, instantly in your browser.
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This loan calculator works out the monthly payment on any fixed-rate loan, along with the total interest and total cost over the full term. It also builds a year-by-year amortization schedule, so you can see how much of each year's payments goes towards the principal versus interest and how your balance falls over time. It suits personal loans, car loans, student loans and business loans. Everything is calculated instantly in your browser, so none of your figures are sent anywhere.
The monthly payment uses the standard amortising formula: M = P x r x (1 + r)^n / ((1 + r)^n - 1), where P is the loan amount, r is the monthly interest rate (annual rate divided by 12) and n is the number of monthly payments. The schedule then applies each payment month by month, splitting it into interest on the remaining balance and principal repayment.
Reviewed by the ToolBrainy Team · Calculations run entirely in your browser · Last updated July 2026
Type the total amount you want to borrow — not the purchase price minus your deposit, but the actual loan principal. For a car that costs $30,000 and you are putting down $5,000, enter $25,000. The calculator works in any currency; just be consistent.
Use the annual percentage rate your lender quoted — check the loan offer or product disclosure document. The term is in years; enter 5 for a five-year loan. For a quick comparison, run the same loan at two different rates or two different terms to see how the monthly payment and total interest change.
The headline shows the fixed monthly payment. The three summary stats show your loan amount, total interest, and overall cost. Scroll down to the amortization schedule for a year-by-year breakdown — watch how the balance falls faster in later years as more of each payment goes towards principal instead of interest.
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See principal and interest fall year by year.
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A $25,000 car loan at 9.5% over 5 years works out to roughly $525 per month and about $6,500 in total interest. The amortization schedule shows you exactly what the balance is at each year end — handy if you plan to trade the car in before the loan is paid off.
Graduate with $40,000 in loans at 6% over 10 years = around $444 a month. Plug in different terms to find the monthly payment that fits your starting salary — and use the schedule to see when you cross the halfway mark and owe less than you originally borrowed.
Before applying, check whether the monthly payment fits inside your budget. If your take-home pay is $3,500 and the payment is $600, that is 17% of income — most lenders are comfortable with that. Adjust the amount or term until the number works for you.
Two lenders both offer a $20,000 loan. One charges 8% over 4 years; the other charges 10% over 5 years. Run both to find not just the monthly payment difference, but the total interest gap — often hundreds or thousands of dollars across the life of the loan.
A small business taking on a $50,000 equipment loan can use the yearly schedule to plan cash flow — knowing which years carry a higher interest burden and when the debt is finally cleared, making it easier to build an accurate P&L projection.
Run the loan at its full term, then re-run it with a 2-year shorter term to approximate what happens if you make extra payments. The difference in total interest is usually enough to motivate faster repayment — and the schedule shows exactly when the balance hits zero.
The tool uses the standard amortising formula: M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly payments. For a zero-interest loan it simplifies to the amount divided by the number of months.
An amortization schedule shows how each payment is split between principal and interest across the life of the loan. In the early months of a long-term loan, the majority of each payment covers interest on the large outstanding balance. As the balance shrinks, the interest portion falls and more of each payment clears the principal — which is why the balance drops slowly at first and then accelerates towards the end.
Both tools use the same underlying formula and produce the same monthly payment. The key difference is the amortization schedule: this loan calculator generates a year-by-year table showing the principal paid, interest paid, and remaining balance for each year, which is useful for planning and comparing scenarios over longer terms.
Interest is charged on the outstanding balance each month. At the start of the loan, the balance is at its highest, so the interest portion is at its largest. Each month you pay down a little principal, reducing the balance — and therefore the interest charged the following month. This is called a reducing-balance loan, and it is the standard structure for personal, car, and mortgage loans.
Yes. When the interest rate is 0%, the formula simplifies to dividing the loan amount by the number of months, giving equal principal payments with no interest cost. This is useful for modeling interest-free financing deals or internal business loans.
Yes — completely free with no account required. All calculations run locally in your browser, and none of your figures are sent to any server.
No. The Loan Calculator runs entirely in your web browser, so there is nothing to download or install — just open the page and enter your loan details.
Yes. The tool works in any modern mobile browser, so you can compare loan payments and schedules on your phone or tablet the same way you would on a desktop.