Loan Calculator with Amortization Schedule
This loan calculator estimates your monthly payment, total interest, and full amortization schedule for personal, mortgage, auto, and student loans. Adjust the amount, rate, and term and the results update instantly, so you can see exactly what a loan will cost before you sign.
Switch between reducing balance and flat rate interest, toggle the term in years or months, and add an extra monthly payment to see how much interest and time you could save. It is built for anyone planning a home, car, education, or personal loan and wanting a clear principal-versus-interest picture.
How to Use the Loan Calculator
Select your loan type
Choose a tab at the top: Personal, Mortgage, Auto Loan, or Student. Each tab reveals the input fields relevant to that loan.
Enter the loan details
Set the Loan Amount, Interest Rate, and Loan Term using the input fields or sliders. Use the yr/mo toggle to switch the term unit, and pick Reducing or Flat Rate as the interest type.
Add type-specific fields
Fill in the extras for your loan: down payment, property tax and home insurance for a mortgage; down payment, trade-in value, and sales tax for auto; origination fee for personal; grace period and repayment plan for student loans.
Review your results
Read the Monthly Payment, Total Payment, and Total Interest, then check the payment-breakdown pie chart and the balance-over-time line chart that refresh as you adjust inputs.
Try extra payments and amortization
Enter an Extra Monthly Payment to see interest saved and a shorter payoff, then open the Amortization Schedule to view the principal, interest, and balance per period in yearly or monthly view.
Features
Four Loan Types
Calculate Personal, Mortgage, Auto Loan, and Student loans, each with its own type-specific fields. Switch tabs to compare scenarios instantly.
Reducing Balance vs Flat Rate
Compare both interest methods: reducing balance charges interest on the remaining principal, while flat rate charges it on the original amount for the whole term.
Sliders and Term Presets
Drag the amount, rate, and term sliders or type exact values, and tap quick presets for common loan durations. Calculations update in real time.
Years or Months Term
Enter the loan term in years or months with the yr/mo toggle. The current value is converted automatically when you switch units.
Extra Payment Savings
Add an extra monthly amount and see the interest saved, months shortened, and your new payoff timeline for both reducing balance and flat rate loans.
Mortgage Extras and PMI
Add down payment, property tax, and home insurance to the monthly payment. A PMI notice appears when the down payment falls below 20% of the home value.
Auto Loan Trade-In and Tax
Factor in a down payment, trade-in value, and sales tax so the financed amount and payment reflect the real out-the-door cost.
Student Repayment Plans
Choose Standard, Extended, or Graduated repayment, and add a grace period whose accrued interest is rolled into the total cost.
Charts and Schedule
A pie chart shows the principal-to-interest split and a line chart shows the balance falling over time, alongside an amortization table with yearly and monthly views.
Locale-Aware Currency
Amounts display in the currency for your language, with the correct symbol, thousands separator, and decimals, plus sensible default values.
Frequently Asked Questions
How is a monthly loan payment calculated?
For a reducing balance loan, the calculator uses the standard amortization formula, where the payment is the principal multiplied by the monthly rate and a factor based on the number of months. The result is a fixed monthly payment that fully pays off the loan over the term. For a flat rate loan, total interest is added to the principal and that sum is divided evenly across all months.
What is an amortization schedule?
An amortization schedule is a table showing every payment over the life of the loan, broken into how much goes toward principal and how much toward interest, plus the remaining balance afterward. Open the Amortization Schedule section to expand it, and switch between a yearly summary and a month-by-month detail view.
What is the difference between reducing balance and flat rate?
With reducing balance, interest is charged on the remaining principal each month, so the interest portion shrinks as you pay the loan down. With flat rate, interest is charged on the original principal for the entire term, so each month carries the same interest amount. At the same nominal rate, flat rate produces noticeably higher total interest.
How do extra payments reduce total interest?
Enter an extra monthly amount and the calculator compares paying the regular amount against paying regular plus extra, then reports the interest saved, the months shortened, and the new payoff date. On reducing balance loans, extra payments cut the principal faster so less interest accrues; on flat rate loans, they shorten the term, which also lowers the proportional interest.
What is PMI and when does it apply?
PMI (Private Mortgage Insurance) is usually required when a mortgage down payment is under 20% of the home value, protecting the lender against default. The calculator estimates PMI at about 0.5% of the loan amount per year and shows a notice; it typically drops off once your loan-to-value ratio reaches 80%.
What is a graduated student repayment plan?
A graduated plan starts payments lower (about 60% of the standard payment) and raises them roughly 15% every two years. It suits borrowers who expect their income to grow, though the lower early payments mean more interest is paid overall than on the standard plan. A grace period before repayment also adds accrued interest to the total.
Can I enter the loan term in months instead of years?
Yes. Use the yr/mo toggle next to the term to switch units, and the current value is converted automatically. This is handy for shorter loans such as auto or personal financing, where terms like 18 or 42 months are common.
Why does the currency change with my language?
The calculator detects your site language and shows amounts in the matching local currency, including the symbol, number formatting, and default values scaled to that currency. A Vietnamese locale, for example, displays VND with larger default amounts to reflect its purchasing power.
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