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 financial details of a loan. By entering the loan amount, interest rate, and term, you can instantly see your estimated monthly payment, the total interest you'll pay over the life of the loan, and the total cost. It also provides an amortization schedule, which is a detailed table showing how each payment is split between principal and interest.
How to Use This Tool
- Select Loan Type: Choose between "Personal Loan" or "Mortgage." The inputs will adjust accordingly.
- Enter Loan Details: Fill in the loan amount (or home price), your estimated interest rate, and the loan term in years. For mortgages, you can also add a down payment.
- Review the Results: The summary cards will instantly update with your estimated monthly payment, total interest, and total cost.
- Explore the Breakdown: The pie chart visually shows the split between principal (the money you borrowed) and the interest you'll pay.
- View the Schedule: Click on "Amortization Schedule" to see a detailed, month-by-month breakdown of your payments until the loan is fully paid off.