Free Loan Calculator
Calculate monthly loan payments, total interest, and amortization schedules with our free calculator. Works for mortgages, auto loans, and personal loans.
- Monthly payment calculation
- Total interest and cost breakdown
- Full amortization schedule
- Extra payment impact analysis
- Loan comparison tool
- Export schedule as CSV
Frequently Asked Questions
How is monthly payment calculated?
Using the standard amortization formula that factors in principal, interest rate, and term. The result is a fixed payment where interest portion decreases and principal portion increases over time.
How do extra payments help?
Extra payments go directly to principal, reducing total interest and shortening loan term. Use the extra payment calculator to see how much you could save.
What's the difference between APR and interest rate?
Interest rate is the cost of borrowing. APR includes interest plus fees, giving a more complete picture of total cost. This calculator uses interest rate for calculations.