This loan calculator works out the fixed monthly payment for any amortizing loan, such as a personal loan, car loan, student loan or business loan. Enter the amount you borrow, the annual interest rate and the term in years or months, and you instantly see the monthly payment, the total interest and the total amount you will repay.
Below the results is a full amortization schedule. Each year shows how much of your payments went to principal and to interest and what balance remains; click a year to see every monthly payment. A chart shows how much of your total cost is interest, which makes it easy to compare a shorter term with a lower rate.
How to use the Loan Calculator tool
- Enter the loan amount you want to borrow.
- Enter the annual interest rate (APR) from your loan offer.
- Enter the term and choose years or months. Pick your currency symbol if you like.
- Read the monthly payment, total interest and total paid, which update as you type.
- Scroll through the amortization schedule and click any year to see its monthly payments.
Why use ToolOrca Loan Calculator
- Monthly payment, total interest and total cost
- Yearly amortization table with expandable months
- Principal versus interest chart
- Term in years or months, 0% loans supported
- Currency symbol choice: $, €, £, ₹, ¥ or none
- Formula with your numbers filled in
How the monthly loan payment is calculated
Fixed-rate loans use the standard amortization formula: M = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the amount borrowed, r is the monthly interest rate (the annual rate ÷ 12 ÷ 100) and n is the number of monthly payments.
Worked example: borrowing $200,000 at 6% for 30 years gives r = 0.06 ÷ 12 = 0.005 and n = 360. Then (1.005)360 ≈ 6.0226, so M = 200,000 × 0.005 × 6.0226 ÷ 5.0226 ≈ $1,199.10 a month. Over 360 payments you repay about $431,676, of which $231,676 is interest.
In the early years most of each payment is interest because the balance is large. As the balance falls, more of the same payment goes to principal, which is why the schedule shows principal paid growing every year.
Ways to pay less interest
A shorter term raises the monthly payment but cuts the total interest sharply: a $25,000 car loan at 7% costs $495.03 a month over 5 years with $4,702 of interest, while stretching it to 7 years lowers the payment but adds more than $1,900 in extra interest. Extra payments toward principal, a bigger down payment and a better credit score that earns a lower rate all reduce what you pay.
This calculator is for information and planning only and is not financial advice. Lenders may calculate interest differently, add fees or round payments, so always check the exact figures in your loan offer.
Frequently asked questions
What is the monthly payment on a $200,000 loan at 6% for 30 years?
$1,199.10 a month. The total interest over 30 years is about $231,676, so you repay roughly $431,676 in all.
How much is a $25,000 car loan at 7% for 5 years?
About $495.03 a month, with total interest of about $4,702 over the 60 payments.
What is an amortization schedule?
It is a table of every payment over the life of a loan, showing how much goes to interest, how much reduces the principal, and the balance left after each payment.
Does this calculator include fees or insurance?
No. It calculates principal and interest only. Origination fees, insurance and taxes are extra. For home loans with tax and insurance, use the mortgage calculator.
Is this financial advice?
No. The results are estimates for information only. Your lender’s figures can differ slightly because of rounding, fees or the exact day count they use.