Loan Calculator

Calculate your loan payments, total interest, and view detailed amortization schedules for mortgages, auto loans, and personal loans.

Understanding Loan Calculations

Monthly Payment Formula

Monthly Payment = P × [r(1+r)ⁿ] / [(1+r)ⁿ-1]

  • P = Principal loan amount
  • r = Monthly interest rate (annual rate ÷ 12)
  • n = Total number of payments

Loan Types

  • Mortgage: Typically 15-30 year terms
  • Auto Loan: Usually 3-7 year terms
  • Personal Loan: Generally 2-5 year terms

Tips for Better Rates

  • Improve your credit score
  • Make a larger down payment
  • Shop around with multiple lenders
  • Consider shorter loan terms