Loan Calculator
Calculate your loan payments, total interest, and view a complete amortization schedule. Works for personal loans, student loans, business loans, and any fixed-rate installment loan.
Loan Summary
Monthly Payment (Standard)-
Total Interest Paid-
Total Cost of Loan
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Yearly Amortization Summary
| Year | Principal Paid | Interest Paid | Remaining Balance |
|---|
How Loan Amortization Works
With a fixed-rate amortizing loan, each payment goes partially toward interest and partially toward principal. Early in the loan, most of your payment covers interest; later, more goes toward principal. This is called amortization.
The standard loan payment formula is:
PMT = P × [r(1+r)n] / [(1+r)n - 1]
Where P = loan amount, r = monthly interest rate, n = number of payments.
Tips for Getting a Better Loan Rate
- Improve your credit score: Borrowers with scores above 740 get the best rates.
- Shop around: Compare rates from at least 3-5 lenders, including banks and credit unions.
- Shorter terms: 3-year and 5-year loans typically have lower rates than longer terms.
- Consider a co-signer: A co-signer with excellent credit can secure a lower rate.