AnyCalc

Finance & Math

Loan Calculator

Calculate monthly payments and total interest on loans

Reviewed: AnyCalc Editorial|2026-07-19|Editorial policy|About

What this calculator does

A loan calculator computes your monthly payment, total interest paid, and full repayment cost for fixed-rate loans such as mortgages, auto loans, personal loans, and student loans. The standard amortization formula is M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan principal, r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments. For example, a $300,000 mortgage at 6.5% over 30 years results in a monthly payment of about $1,896 and total interest of approximately $382,633 over the life of the loan. The calculator generates a full amortization schedule showing how each payment splits between principal and interest, which is eye-opening — in early years, the majority of each payment goes to interest. This tool helps you compare loan offers, understand the impact of making extra payments, evaluate refinancing options, and determine how much house or car you can afford. Adjusting the term length, interest rate, or down payment lets you see exactly how each variable affects your monthly budget and total cost.

Loan Calculator

How to use

  1. 01
    Enter loan details
    Input the loan amount, annual interest rate, and loan term.
  2. 02
    Click Calculate
    Press Calculate to generate your repayment schedule.
  3. 03
    Review the schedule
    View your monthly payment, total interest paid, and full amortization table.

Loan Calculator FAQ

How is a monthly loan payment calculated?▾
The formula is M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan amount, r is the monthly interest rate, and n is the total number of payments. For a $200,000 loan at 6% for 30 years: r = 0.005, n = 360, giving a monthly payment of approximately $1,199. Most of the early payments go toward interest.
Should I choose a 15-year or 30-year mortgage?▾
A 15-year mortgage has higher monthly payments but dramatically lower total interest — often saving you 50–60% in interest costs. A 30-year mortgage offers lower payments and more flexibility. For a $300,000 loan at 6%, the 30-year option costs about $348,000 more in total interest than the 15-year option.
How much does an extra payment save on a mortgage?▾
Even one extra payment per year on a 30-year mortgage can shave 4–5 years off the loan term and save tens of thousands in interest. For a $300,000 mortgage at 6.5%, making one extra monthly payment per year saves approximately $82,000 in interest and pays off the loan in about 25 years.
What factors affect how much I can borrow?▾
Lenders typically look at your debt-to-income ratio (ideally below 36%), credit score, down payment amount, employment history, and current interest rates. A higher credit score qualifies you for lower rates. Most financial advisors recommend keeping your housing payment below 28% of gross monthly income.

Interpret carefully

Outputs are decision-support estimates, not a substitute for professional judgment.

  • Treating Loan Calculator output as a final professional diagnosis, quote, or legal determination
  • Entering approximate values when the result is sensitive to units or precision
  • Applying the FAQ answer (“How is a monthly loan payment calculated?”) to a special case without checking assumptions

Next steps

  1. Double-check inputs against your source documents (labs, statements, specs, or notes).
  2. Confirm the method below matches your use case before you act on the number.
  3. For medical, financial, or production decisions, verify with a qualified professional.

Disclaimer: Results are informational only and do not constitute medical, financial, legal, or professional advice. Report issues: sublimernj@gmail.com

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