How is monthly loan payment calculated?

Monthly payment = P × [r(1+r)^n] / [(1+r)^n – 1], where P is principal, r is monthly interest rate, and n is number of payments. Our calculator does this instantly.

How much interest will I pay over the loan term?

Total interest = (monthly payment × number of months) – principal. A $200,000 mortgage at 5% for 30 years costs approximately $186,500 in interest.

Does paying extra reduce my loan term?

Yes. Extra payments go directly to principal, reducing the balance that accrues interest. Even small extra payments can save thousands and shorten your loan by years.

Free Loan Calculator — Monthly Payments & Interest

Calculate monthly payments, total interest and amortization

Loan Amount

Annual Interest Rate

Loan Term

Monthly Payment

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Total Interest

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Total Amount

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Principal Interest

Amortization Schedule

First 24 months shown

#	Payment	Principal	Interest	Balance

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About the Loan Calculator

Calculate monthly loan repayments, total interest paid, and see a full amortisation schedule. Works for mortgages, car loans, personal loans, and student loans. Enter the loan amount, interest rate, and term to see your monthly payment breakdown.

Helps you compare different loan offers, understand how extra payments reduce total interest, and plan your budget around repayments.