Loan Calculator
Calculate payments and see the amortization schedule for any loan.
Monthly Payment
$188.71
Total Principal
$10,000.00
Total Interest
$1,322.74
Total Payment
$11,322.74
Amortization Schedule
| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $147.05 | $41.67 | $9,852.95 |
| 2 | $147.66 | $41.05 | $9,705.30 |
| 3 | $148.27 | $40.44 | $9,557.02 |
| 4 | $148.89 | $39.82 | $9,408.13 |
| 5 | $149.51 | $39.20 | $9,258.62 |
| 6 | $150.13 | $38.58 | $9,108.48 |
| 7 | $150.76 | $37.95 | $8,957.72 |
| 8 | $151.39 | $37.32 | $8,806.34 |
| 9 | $152.02 | $36.69 | $8,654.32 |
| 10 | $152.65 | $36.06 | $8,501.66 |
| 11 | $153.29 | $35.42 | $8,348.37 |
| 12 | $153.93 | $34.78 | $8,194.45 |
| 13 | $154.57 | $34.14 | $8,039.88 |
| 14 | $155.21 | $33.50 | $7,884.67 |
| 15 | $155.86 | $32.85 | $7,728.81 |
| 16 | $156.51 | $32.20 | $7,572.30 |
| 17 | $157.16 | $31.55 | $7,415.14 |
| 18 | $157.82 | $30.90 | $7,257.32 |
| 19 | $158.47 | $30.24 | $7,098.85 |
| 20 | $159.13 | $29.58 | $6,939.71 |
| 21 | $159.80 | $28.92 | $6,779.92 |
| 22 | $160.46 | $28.25 | $6,619.45 |
| 23 | $161.13 | $27.58 | $6,458.32 |
| 24 | $161.80 | $26.91 | $6,296.52 |
| 25 | $162.48 | $26.24 | $6,134.04 |
| 26 | $163.15 | $25.56 | $5,970.89 |
| 27 | $163.83 | $24.88 | $5,807.06 |
| 28 | $164.52 | $24.20 | $5,642.54 |
| 29 | $165.20 | $23.51 | $5,477.34 |
| 30 | $165.89 | $22.82 | $5,311.45 |
| 31 | $166.58 | $22.13 | $5,144.87 |
| 32 | $167.28 | $21.44 | $4,977.59 |
| 33 | $167.97 | $20.74 | $4,809.62 |
| 34 | $168.67 | $20.04 | $4,640.95 |
| 35 | $169.38 | $19.34 | $4,471.57 |
| 36 | $170.08 | $18.63 | $4,301.49 |
| 37 | $170.79 | $17.92 | $4,130.70 |
| 38 | $171.50 | $17.21 | $3,959.20 |
| 39 | $172.22 | $16.50 | $3,786.98 |
| 40 | $172.93 | $15.78 | $3,614.05 |
| 41 | $173.65 | $15.06 | $3,440.40 |
| 42 | $174.38 | $14.33 | $3,266.02 |
| 43 | $175.10 | $13.61 | $3,090.92 |
| 44 | $175.83 | $12.88 | $2,915.08 |
| 45 | $176.57 | $12.15 | $2,738.52 |
| 46 | $177.30 | $11.41 | $2,561.21 |
| 47 | $178.04 | $10.67 | $2,383.17 |
| 48 | $178.78 | $9.93 | $2,204.39 |
| 49 | $179.53 | $9.18 | $2,024.86 |
| 50 | $180.28 | $8.44 | $1,844.59 |
| 51 | $181.03 | $7.69 | $1,663.56 |
| 52 | $181.78 | $6.93 | $1,481.78 |
| 53 | $182.54 | $6.17 | $1,299.24 |
| 54 | $183.30 | $5.41 | $1,115.94 |
| 55 | $184.06 | $4.65 | $931.88 |
| 56 | $184.83 | $3.88 | $747.05 |
| 57 | $185.60 | $3.11 | $561.45 |
| 58 | $186.37 | $2.34 | $375.08 |
| 59 | $187.15 | $1.56 | $187.93 |
| 60 | $187.93 | $0.78 | $0.00 |
About the Loan Calculator
The Loan Calculator is a practical tool designed to help you estimate your monthly loan payments based on the loan amount, interest rate, and loan term. It's ideal for anyone considering taking out a loan, whether for a car, home, or personal expenses.
This calculator provides a clear breakdown of your amortization schedule, showing how much of each payment goes towards the principal and interest over the life of the loan. Understanding these details can help you make informed financial decisions and plan your budget effectively.
How to Use
- Enter the total loan amount you wish to borrow.
- Input the annual interest rate (as a percentage).
- Specify the loan term in years.
Features of the Loan Calculator
- Monthly Payment Calculation: Instantly determine your estimated monthly loan payments.
- Amortization Schedule: View a detailed breakdown of principal and interest payments over the loan term.
- Adjustable Parameters: Easily modify loan amount, interest rate, and term to compare different scenarios.
- User-Friendly Interface: Simple and intuitive design for easy input and clear results.
Common Use Cases
- Home Loans: Estimate mortgage payments and understand the amortization schedule for a home purchase.
- Auto Loans: Calculate monthly payments for car financing options and compare different loan offers.
- Personal Loans: Plan payments for personal loans used for various expenses, such as debt consolidation or home improvements.
- Financial Planning: Use the calculator as a tool for budgeting and understanding the long-term cost of borrowing.
Frequently Asked Questions (FAQs)
What is an amortization schedule?
An amortization schedule is a table detailing each periodic payment on an amortizing loan (typically a mortgage or car loan), showing how much of the payment is applied to the principal and how much to interest.
Does this calculator include taxes or insurance?
No, this calculator only estimates the principal and interest portion of your loan payment. It does not include additional costs like property taxes, homeowner's insurance, or private mortgage insurance (PMI), which are often part of a total monthly housing payment.
Can I use this for different types of loans?
Yes, this calculator can be used for various types of amortizing loans, including personal loans, auto loans, and mortgages, as long as you have the loan amount, interest rate, and term.
How accurate are the calculations?
The calculations are based on standard loan amortization formulas and are highly accurate for estimating principal and interest payments. However, actual payments may vary slightly due to rounding or specific lender practices.
Is this calculator free to use?
Yes, the Loan Calculator is completely free to use and accessible directly in your web browser.
Can I use this calculator on my mobile device?
Yes, the Loan Calculator is designed to be responsive and works well on both desktop and mobile devices.