Loan Calculator
The Loan Calculator is a free online tool for mortgages, car loans, and other installment loans. Enter the loan amount, annual interest rate, and term in years to instantly get your monthly payment, total repayment, and total interest. It supports both equal monthly payment (amortized) and equal principal repayment methods, showing first and last month payments for the latter.
All calculations run locally in your browser — your loan figures are never uploaded. It is free with no sign-up, ideal for home or car buyers estimating monthly payments in advance and for comparing interest costs across different rates and terms.
How to Use
- Enter the loan amount.
- Fill in the annual interest rate (%) and the loan term in years.
- Choose a repayment method: equal payment or equal principal.
- Click the Calculate button.
- Review the monthly payment, total repayment, and total interest.
FAQ
Is the loan calculator free?
Yes, completely free with no registration, and you can run as many comparisons as you like.
What is the difference between equal payment and equal principal?
With equal payment (fully amortized), every monthly installment is the same; interest dominates early payments and total interest is higher, but the burden is even. With equal principal, you repay a fixed slice of principal plus interest on the remaining balance, so payments start higher and shrink each month, with lower total interest. The tool shows first and last month payments for the equal principal method.
How is the monthly payment calculated?
Equal payment uses the standard amortization formula: payment = principal x [monthly rate x (1 + monthly rate) ^ n] / [(1 + monthly rate) ^ n - 1], where n is the number of months. Equal principal pays principal / n each month plus interest on the outstanding balance. The monthly rate is the annual rate divided by 12.
Will the results match my bank's actual schedule?
The tool computes theoretical values from standard formulas. Banks may differ slightly due to day-count conventions, the first period's proration, or floating-rate adjustments. Results are for reference only and are not lending advice — always follow your loan contract and the bank's official repayment schedule.