Loan Calculator
Calculate monthly payments, total interest and amortization for any loan. Free online Loan Calculator for financial — instant, accurate results, no signup.
Amortization (first 60 months)
Derivation
- ├── 01Given
P = $10,000, annual rate = 6.5%, term = 5 years - ├── 02Formula
M = P · r / (1 − (1 + r)^(−n)) where r = annual rate / 12, n = months - ├── 03Monthly rate r
6.5% / 12 = 0.5417% = 0.005417 - ├── 04Total months n
5 × 12 = 60 - ├── 05Substitute
10000 × 0.005417 / (1 − (1 + 0.005417)^(−60)) - ├── 06Monthly payment$195.66
- ├── 07Total paid$11,739.69
- └── 08Total interest$1,739.69
APR includes fees and points, interest rate does not — always compare APRs when shopping lenders.
Understanding the Loan Calculator
A loan calculator shows your monthly payment, total interest and payoff schedule for any fixed-rate installment loan — auto loans, personal loans, student loans. It assumes equal monthly payments over a set term.
Quick calculators for the math that shouldn’t need a notepad — instant, accurate, private to your browser. The Loan Calculator sits in that toolkit — it calculate monthly payments, total interest and amortization for any loan. Enter your numbers above and the result updates instantly; every step of the math is shown in the Derivation panel so you can see exactly how the answer was reached.
How it’s calculated
Where
- P
- Loan principal
- r
- Periodic interest rate (APR / 12)
- n
- Number of payments
Step-by-step walkthrough
You borrow $10,000 at 7% APR over 5 years.
- 01Monthly rate r = 0.07 / 12 ≈ 0.005833
- 02Total payments n = 60
- 03(1 + 0.005833)⁶⁰ ≈ 1.4176
- 04Payment = 10,000 × [0.005833 × 1.4176] / [1.4176 − 1] ≈ $198
- 05Total paid over 5 years: ≈ $11,880 (→ $1,880 interest)
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