Payment Calculator
Amortization Table
Balance Over Time
Amortization Table
Balance Over Time
Loan Payment Calculator – Estimate Your Monthly Payments Instantly
Our Loan Payment Calculator is a free, easy-to-use tool that helps you calculate monthly payments, total interest, and loan payoff schedules. Whether you are planning to take a personal loan, home loan, car loan, or education loan, this calculator allows you to choose between Fixed Term and Fixed Payment options, providing you with detailed amortization tables and balance-over-time charts.
What is a Loan Payment Calculator?
A loan payment calculator is a financial tool that determines how much you need to pay every month for a loan. It considers your loan amount, interest rate, and loan term to calculate either:
- Fixed Term – You choose the loan term (e.g., 15 years), and the calculator finds your monthly payment.
- Fixed Payment – You choose how much you can afford to pay monthly, and the calculator shows how long it will take to pay off your loan.
How to Use the Payment Calculator
- Enter your Loan Amount (e.g., $200,000).
- Select your Loan Term in years or set a Monthly Payment depending on the mode.
- Enter the Interest Rate (e.g., 6%).
- Click on "Calculate" to see your monthly payments, total interest, and payoff details.
Benefits of Using a Loan Payment Calculator
- ✔️ Instant calculation of monthly payments and payoff schedules.
- ✔️ Helps you compare loan offers from banks and lenders.
- ✔️ Understand how much interest you’ll pay over time.
- ✔️ Plan your budget and financial goals effectively.
- ✔️ View amortization tables and charts for clear insights.
Example of Loan Payment Calculation
Suppose you take a $100,000 loan at an interest rate of 6% per year for 15 years. The calculator shows:
- Monthly Payment: $843.86
- Total Payments: $151,895.57
- Total Interest: $51,895.57
This breakdown helps you see how much goes towards principal and how much towards interest each year.
Fixed Term vs. Fixed Payment – What’s the Difference?
Many borrowers wonder which option is better: Fixed Term or Fixed Payment.
- Fixed Term: Best if you want a defined repayment period (e.g., 10, 15, 30 years). Monthly payment stays constant.
- Fixed Payment: Best if you have a budget for monthly payments and want to know how long it will take to repay fully.
Our calculator supports both methods and provides tables and charts to make your decision easier.
Why Use Our Loan Payment Calculator?
Unlike other calculators that only show basic numbers, our tool provides a complete amortization schedule, yearly breakdown, and balance-over-time charts. It’s mobile-friendly, fast, and designed for students, professionals, home buyers, car buyers, and financial planners.
Frequently Asked Questions (FAQs)
1. Can I use this calculator for mortgages?
Yes, it works for mortgages, personal loans, car loans, and education loans.
2. How accurate is the calculator?
It uses standard financial formulas and provides highly accurate estimates. However, actual lender fees or conditions may vary.
3. What is an amortization table?
It’s a schedule showing how much of each payment goes towards interest and principal, along with your remaining balance.
4. Does this calculator work with different currencies?
Yes, simply enter your loan amount in your preferred currency (e.g., $, €, £) and it works the same.
Conclusion
The Loan Payment Calculator is an essential tool for anyone considering a loan. By entering just a few details, you can instantly know your monthly payments, interest costs, and payoff timeline. Whether you’re buying a house, financing a car, or taking a personal loan, this calculator helps you make smarter, more confident financial decisions. Try it today and plan your finances better!