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What is a loan calculator?
A loan calculator helps you find the monthly payment for any installment loan — personal loans, car loans, student loans, or business financing. Enter the loan amount, interest rate, and term, and the calculator instantly shows your payment, total interest paid, and full amortization schedule. Knowing these numbers before you sign protects you from surprises later.
Monthly payments follow the standard amortization formula, where each payment covers the month’s interest first, with the remainder applied to the principal balance. Early in the loan, most of your payment goes to interest. By the final months, nearly all of it reduces principal — that’s the amortization curve.
For example, a $15,000 car loan at 7.5% annual interest over 48 months gives a monthly rate of 0.625%. The result: $362.68/month. Over 48 months you pay $2,408.81 in interest on top of the $15,000 principal.
How to use this calculator
Standard mode. Enter your loan amount, annual interest rate, and loan term in years or months. The calculator instantly shows your monthly payment, total interest, and total cost of the loan.
By budget mode. Switch to “By Budget” if you already know the monthly payment you can afford. Enter your target payment, rate, and term — the calculator works backwards and shows the maximum loan amount you qualify for.
Early Payoff Simulator. Use the extra payment slider below the results to add any amount to your monthly payment. The Debt Freedom card updates in real time, showing exactly how many months you cut from the loan and how much interest you save.
Advanced options. Expand “Advanced” to add upfront fees (origination fee, points) as a dollar amount or percentage, and a recurring monthly maintenance fee. When fees are present, the calculator shows the approximate real APR — the true annual cost that accounts for all charges, not just the stated rate.
Amortization schedule. Expand “Show Amortization Schedule” at the bottom to see a full month-by-month breakdown of principal, interest, and remaining balance. If you are comparing two loan offers, this table shows where each dollar goes.
If you are financing a business purchase and want to know whether the returns justify the borrowing cost, use our ROI Calculator alongside this tool.