JCalc

Loan Calculator

Calculate your monthly payment, total interest, and amortization schedule for any fixed-rate loan. Free, instant results—no signup required.

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Results

Monthly payment
$1,199.10
Total payment
$431,676.38
Total interest
$231,676.38

Amortization preview (first 3 months)

Month 1 principal
$199.10
Month 1 interest
$1,000.00
Month 1 balance
$199,800.90
Month 2 principal
$200.10
Month 2 interest
$999.00
Month 2 balance
$199,600.80
Month 3 principal
$201.10
Month 3 interest
$998.00
Month 3 balance
$199,399.71

How the Loan Payment Formula Works

P is the principal (loan amount), r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments. This formula distributes your payments evenly over the loan term, with earlier payments going mostly toward interest and later payments toward principal.

Monthly Payment = P × r × (1+r)^n / ((1+r)^n - 1)
Example:

For a $200,000 loan at 6% annual interest over 30 years: r = 0.06/12 = 0.005, n = 360. Monthly payment ≈ $1,199.10. Total paid ≈ $431,676. Total interest ≈ $231,676.

How to Use the Loan Calculator

Enter the loan amount (principal), annual interest rate as a percentage, and the loan term in years. Results update instantly. The calculator shows your monthly payment, total amount you'll pay over the life of the loan, and total interest. An amortization preview shows how much of each payment goes to principal vs. interest in the first few months.

Example: Home Loan Calculation

Suppose you borrow $250,000 for a home at 5.5% annual interest over 25 years. Your monthly payment would be approximately $1,530. Over the life of the loan, you would pay about $209,000 in interest, for a total of $459,000. Use our loan calculator above to plug in your own numbers and see your results instantly. This tool works for mortgages, auto loans, student loans, and personal loans with fixed interest rates.

Frequently Asked Questions

How is the monthly loan payment calculated?

The monthly payment is calculated using the standard amortization formula: M = P × r × (1+r)^n / ((1+r)^n - 1), where P is the principal, r is the monthly interest rate, and n is the number of payments. This formula ensures equal payments over the loan term.

What is the difference between APR and interest rate?

The interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus fees and other costs, giving you a more complete picture of the loan's true cost. Our calculator uses the annual interest rate.

Can I use this for mortgage calculations?

Yes! This loan calculator works for any fixed-rate loan including mortgages, auto loans, and personal loans. Enter your principal, annual interest rate, and loan term in years to get your monthly payment.

Does the calculator account for extra payments?

This calculator provides the standard monthly payment for fixed-rate loans. For scenarios with extra payments, you would need a more advanced amortization calculator. Try our tool to get a quick estimate.

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