Loan Calculator | Monthly Payment Calculator - CalcHub
Free loan calculator. Calculate monthly payments, total interest, and amortization schedule. Works for mortgages, auto loans, and personal loans.
Payment Breakdown
Yearly Principal vs Interest
Amortization Schedule
| Month | 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 |
| 13 | $1,580.17 | $241.14 | $1,339.03 | $246,964.55 |
| 14 | $1,580.17 | $242.45 | $1,337.72 | $246,722.10 |
| 15 | $1,580.17 | $243.76 | $1,336.41 | $246,478.34 |
| 16 | $1,580.17 | $245.08 | $1,335.09 | $246,233.26 |
| 17 | $1,580.17 | $246.41 | $1,333.76 | $245,986.86 |
| 18 | $1,580.17 | $247.74 | $1,332.43 | $245,739.12 |
| 19 | $1,580.17 | $249.08 | $1,331.09 | $245,490.03 |
| 20 | $1,580.17 | $250.43 | $1,329.74 | $245,239.60 |
| 21 | $1,580.17 | $251.79 | $1,328.38 | $244,987.81 |
| 22 | $1,580.17 | $253.15 | $1,327.02 | $244,734.66 |
| 23 | $1,580.17 | $254.52 | $1,325.65 | $244,480.13 |
| 24 | $1,580.17 | $255.90 | $1,324.27 | $244,224.23 |
What is Loan Calculator?
How to Use Loan Calculator
Enter the loan amount, annual interest rate, and loan term in years or months. Optionally set a start date. The calculator shows your monthly payment, total payment, total interest paid, and a full amortization schedule breaking down each month's principal, interest, and remaining balance.
How Loan Calculator Works
Common Use Cases
- Estimating monthly mortgage payments before buying a home
- Comparing different loan terms to find the best option
- Understanding how much total interest you will pay over the loan term
- Planning auto loan payments and comparing dealer financing offers
- Calculating personal loan affordability before applying
Frequently Asked Questions
How is the monthly payment calculated?▼
The monthly payment is calculated using the amortization formula: M = P * [r(1+r)^n] / [(1+r)^n - 1]. P is the loan amount, r is the monthly interest rate, and n is the total number of monthly payments.
What is an amortization schedule?▼
An amortization schedule is a table showing each monthly payment broken down into principal and interest portions. Early payments are mostly interest, while later payments are mostly principal.
Does a shorter loan term save money?▼
Yes. A shorter loan term means higher monthly payments but significantly less total interest paid. For example, a 15-year mortgage typically saves tens of thousands compared to a 30-year mortgage.
What is a good interest rate for a loan?▼
Interest rates vary by loan type and creditworthiness. As of 2025-2026, mortgage rates are typically 6-7%, auto loans 5-9%, and personal loans 8-15%. Higher credit scores qualify for lower rates.
Can I use this for mortgage calculations?▼
Yes. This calculator works for any fixed-rate loan including mortgages, auto loans, personal loans, and student loans. Enter the loan amount, interest rate, and term to see your payment schedule.
Related Tools
Compound Interest Calculator
Enter principal, monthly contributions & rate, get a year-by-year growth table w...
Percentage Calculator
Free percentage calculator. Calculate percentages, percentage change, percentage...
Tip Calculator
Free tip calculator with bill splitting. Calculate tip amounts, split bills betw...