Loan Calculator

Free loan calculator for mortgages, auto loans, and personal loans. Calculate monthly payments, total interest, and total cost. View detailed amortization schedules with principal vs interest breakdown, and compare different loan scenarios side by side.

Loan Amount ($)

$1,000.00$2,000,000.00

Annual Interest Rate (%)

0.1%30%

Loan Term (years)

1 years50 years

Loan Summary

Monthly Payment

$1,580.17

Total Payment

$568,861.22

Total Interest

$318,861.22

Principal vs Interest

Ratio

44:56

Principal

$250,000.00 (43.9%)

Interest

$318,861.22 (56.1%)

Amortization Schedule (360 payments)

#	Payment	Principal	Interest	Balance
1	$1,580.17	$226.00	$1,354.17	$249,774.00
2	$1,580.17	$227.23	$1,352.94	$249,546.77
3	$1,580.17	$228.46	$1,351.71	$249,318.31
4	$1,580.17	$229.70	$1,350.47	$249,088.61
5	$1,580.17	$230.94	$1,349.23	$248,857.67
6	$1,580.17	$232.19	$1,347.98	$248,625.48
7	$1,580.17	$233.45	$1,346.72	$248,392.04
8	$1,580.17	$234.71	$1,345.46	$248,157.32
9	$1,580.17	$235.98	$1,344.19	$247,921.34
10	$1,580.17	$237.26	$1,342.91	$247,684.07
11	$1,580.17	$238.55	$1,341.62	$247,445.53
12	$1,580.17	$239.84	$1,340.33	$247,205.69
... 345 more payments ...
358	$1,580.17	$1,554.77	$25.40	$3,134.85
359	$1,580.17	$1,563.19	$16.98	$1,571.66
360	$1,580.17	$1,571.66	$8.51	$0.00

Amortization Formula

M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]

M = Monthly payment

P = Principal loan amount ($250,000.00)

r = Monthly interest rate (0.01)

n = Total number of payments (360)

How to Use Loan Calculator

1Enter loan amount, annual interest rate, and loan term in years.
2View your monthly payment, total interest, and total cost.
3Scroll down for the full amortization schedule.
4Compare scenarios with different rates and terms.

Frequently Asked Questions

How is the monthly payment calculated?▾

Using the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is principal, r is monthly interest rate, and n is total number of payments.

What types of loans does this support?▾

Any fixed-rate loan including mortgages, auto loans, personal loans, and student loans. Enter the loan amount, annual interest rate, and loan term.

What is an amortization schedule?▾

A table showing each monthly payment broken down into principal and interest portions, plus the remaining balance after each payment.

Can I compare different loan options?▾

Yes! The tool includes a comparison section showing how different interest rates and terms affect your monthly payment and total cost.

About Loan Calculator

NexTool's Loan Calculator is completely free to use with no sign-up required. Your data is processed directly in your browser and never sent to our servers, ensuring complete privacy and instant results.