Loan Calculator

Enter any loan amount, annual interest rate, and term to see your monthly payment, total interest, and the balance remaining at key checkpoints.

Principal borrowed, in USD.
As a percentage, e.g. 6.5.
Loan length in years, e.g. 30.

Your results

Monthly payment
$—
Total interest
—
Total paid
—

Amortization checkpoints

Balance at end of year 1
—
Balance crosses half
—
Balance at term end
—

How to use this calculator

Enter the loan amount (the principal you borrow), the annual interest rate as a plain percentage, and the term in years. The calculator uses the standard amortization formula — A = P·r(1+r)^n / ((1+r)^n − 1) — where r is the monthly rate and n the number of monthly payments — to compute a fixed monthly payment that pays the loan down to exactly zero at the end of the term.

The monthly payment is the headline number most people care about, but the other figures matter just as much. Total interest is everything you pay beyond the principal; on a 30-year loan it often exceeds the loan amount itself. Total paid is principal plus interest. The amortization checkpoints show how slowly the balance falls in the early years: most of your first-year payments go to interest, not principal, which is why the "balance at end of year 1" is only slightly below the original loan amount.

"Balance crosses half" is the month when you have paid off half the principal. On a 30-year loan at today's rates it typically arrives around month 250 — more than 20 years in — a useful reminder of how front-loaded mortgage interest is. If you enter a 0% rate, the calculator simply divides the principal evenly across the payments (for example, $300,000 over 30 years is $833.33 per month), so nothing ever divides by zero.

This tool works for any amortizing loan — a mortgage, a car loan, or a personal loan. Once you know the payment, put two rates side by side with the rate comparison tool to see what a 0.5% difference costs, or browse current averages in the rate tables.