Loan Calculator

Monthly payments are computed using the standard amortization formula: M = P * [r(1+r)^n] / [(1+r)^n - 1], where P is the principal, r is the monthly interest rate, and n is the total number of payments. This gives you a fixed payment amount that covers both principal and interest over the life of the loan.

An amortization schedule is a table that shows how each monthly payment is split between principal and interest over the entire loan term. Early payments go mostly toward interest, while later payments pay down more principal. This tool generates the full schedule so you can see exactly where your money goes each month.

Extra monthly payments go directly toward reducing your principal balance, which lowers the total interest you pay and can shorten your loan term significantly. The extra payment calculator shows you exactly how much time and money you save compared to the standard payment schedule.

These loan types differ mainly in typical terms and rates. Mortgages usually have the longest terms (15-30 years) and lowest rates. Auto loans are medium-term (3-7 years) with moderate rates. Personal loans are shorter-term (1-7 years) with higher rates. This calculator adjusts default values for each type to give you a quick starting point.

Yes! All calculations happen entirely in your browser. Your financial data is never sent to any server. No data is collected, stored, or transmitted.