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Online Loan Calculator

Calculate your fixed monthly loan payments easily with our Online Loan Calculator. Use the amortization formula to estimate payments for personal, auto, or installment loans and plan your finances effectively.

Options

Loan

Payment Every Month ($):1,110.21

Total Payments ($): 133,224.60

Total Interest ($): 33,224.60

Interest

Principal

0 yr

5 yr

10 yr

months BEGINNING BALANCE ($) INTEREST ($) PRINCIPAL ($) ENDING BALANCE ($)
1 100,000.00 500.00 610.21 99,389.79
2 99,389.79 496.95 613.26 98,776.54
3 98,776.54 493.88 616.32 98,160.22
4 98,160.22 490.80 619.40 97,540.81
5 97,540.81 487.70 622.50 96,918.31
6 96,918.31 484.59 625.61 96,292.70
7 96,292.70 481.46 628.74 95,663.96
8 95,663.96 478.32 631.89 95,032.07
9 95,032.07 475.16 635.04 94,397.03
10 94,397.03 471.99 638.22 93,758.81
11 93,758.81 468.79 641.41 93,117.40
12 93,117.40 465.59 644.62 92,472.78
13 92,472.78 462.36 647.84 91,824.94
14 91,824.94 459.12 651.08 91,173.86
15 91,173.86 455.87 654.34 90,519.52
16 90,519.52 452.60 657.61 89,861.91
17 89,861.91 449.31 660.90 89,201.02
18 89,201.02 446.01 664.20 88,536.82
19 88,536.82 442.68 667.52 87,869.30
20 87,869.30 439.35 670.86 87,198.44
21 87,198.44 435.99 674.21 86,524.23
22 86,524.23 432.62 677.58 85,846.64
23 85,846.64 429.23 680.97 85,165.67
24 85,165.67 425.83 684.38 84,481.29
25 84,481.29 422.41 687.80 83,793.49
26 83,793.49 418.97 691.24 83,102.26
27 83,102.26 415.51 694.69 82,407.56
28 82,407.56 412.04 698.17 81,709.40
29 81,709.40 408.55 701.66 81,007.74
30 81,007.74 405.04 705.17 80,302.57
31 80,302.57 401.51 708.69 79,593.88
32 79,593.88 397.97 712.24 78,881.64
33 78,881.64 394.41 715.80 78,165.85
34 78,165.85 390.83 719.38 77,446.47
35 77,446.47 387.23 722.97 76,723.50
36 76,723.50 383.62 726.59 75,996.91
37 75,996.91 379.98 730.22 75,266.69
38 75,266.69 376.33 733.87 74,532.82
39 74,532.82 372.66 737.54 73,795.28
40 73,795.28 368.98 741.23 73,054.05
41 73,054.05 365.27 744.93 72,309.11
42 72,309.11 361.55 748.66 71,560.46
43 71,560.46 357.80 752.40 70,808.05
44 70,808.05 354.04 756.16 70,051.89
45 70,051.89 350.26 759.95 69,291.94
46 69,291.94 346.46 763.75 68,528.20
47 68,528.20 342.64 767.56 67,760.63
48 67,760.63 338.80 771.40 66,989.23
49 66,989.23 334.95 775.26 66,213.97
50 66,213.97 331.07 779.14 65,434.84
51 65,434.84 327.17 783.03 64,651.81
52 64,651.81 323.26 786.95 63,864.86
53 63,864.86 319.32 790.88 63,073.98
54 63,073.98 315.37 794.84 62,279.14
55 62,279.14 311.40 798.81 61,480.34
56 61,480.34 307.40 802.80 60,677.53
57 60,677.53 303.39 806.82 59,870.71
58 59,870.71 299.35 810.85 59,059.86
59 59,059.86 295.30 814.91 58,244.96
60 58,244.96 291.22 818.98 57,425.98
61 57,425.98 287.13 823.08 56,602.90
62 56,602.90 283.01 827.19 55,775.71
63 55,775.71 278.88 831.33 54,944.39
64 54,944.39 274.72 835.48 54,108.90
65 54,108.90 270.54 839.66 53,269.24
66 53,269.24 266.35 843.86 52,425.38
67 52,425.38 262.13 848.08 51,577.30
68 51,577.30 257.89 852.32 50,724.99
69 50,724.99 253.62 856.58 49,868.41
70 49,868.41 249.34 860.86 49,007.54
71 49,007.54 245.04 865.17 48,142.38
72 48,142.38 240.71 869.49 47,272.88
73 47,272.88 236.36 873.84 46,399.04
74 46,399.04 232.00 878.21 45,520.83
75 45,520.83 227.60 882.60 44,638.23
76 44,638.23 223.19 887.01 43,751.22
77 43,751.22 218.76 891.45 42,859.77
78 42,859.77 214.30 895.91 41,963.86
79 41,963.86 209.82 900.39 41,063.48
80 41,063.48 205.32 904.89 40,158.59
81 40,158.59 200.79 909.41 39,249.18
82 39,249.18 196.25 913.96 38,335.22
83 38,335.22 191.68 918.53 37,416.69
84 37,416.69 187.08 923.12 36,493.57
85 36,493.57 182.47 927.74 35,565.83
86 35,565.83 177.83 932.38 34,633.45
87 34,633.45 173.17 937.04 33,696.42
88 33,696.42 168.48 941.72 32,754.69
89 32,754.69 163.77 946.43 31,808.26
90 31,808.26 159.04 951.16 30,857.10
91 30,857.10 154.29 955.92 29,901.18
92 29,901.18 149.51 960.70 28,940.48
93 28,940.48 144.70 965.50 27,974.98
94 27,974.98 139.87 970.33 27,004.65
95 27,004.65 135.02 975.18 26,029.47
96 26,029.47 130.15 980.06 25,049.41
97 25,049.41 125.25 984.96 24,064.45
98 24,064.45 120.32 989.88 23,074.57
99 23,074.57 115.37 994.83 22,079.73
100 22,079.73 110.40 999.81 21,079.93
101 21,079.93 105.40 1,004.81 20,075.12
102 20,075.12 100.38 1,009.83 19,065.29
103 19,065.29 95.33 1,014.88 18,050.41
104 18,050.41 90.25 1,019.95 17,030.46
105 17,030.46 85.15 1,025.05 16,005.41
106 16,005.41 80.03 1,030.18 14,975.23
107 14,975.23 74.88 1,035.33 13,939.90
108 13,939.90 69.70 1,040.51 12,899.40
109 12,899.40 64.50 1,045.71 11,853.69
110 11,853.69 59.27 1,050.94 10,802.75
111 10,802.75 54.01 1,056.19 9,746.56
112 9,746.56 48.73 1,061.47 8,685.09
113 8,685.09 43.43 1,066.78 7,618.31
114 7,618.31 38.09 1,072.11 6,546.20
115 6,546.20 32.73 1,077.47 5,468.72
116 5,468.72 27.34 1,082.86 4,385.86
117 4,385.86 21.93 1,088.28 3,297.58
118 3,297.58 16.49 1,093.72 2,203.87
119 2,203.87 11.02 1,099.19 1,104.68
120 1,104.68 5.52 1,104.68 0.00

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What Is This Tool?

The Online Loan Calculator helps you determine the fixed monthly payment for amortized loans. By inputting the loan amount, interest rate, and loan term, the tool applies a standard amortization formula to calculate your monthly payment, making it easier to plan your loan repayment.

How to Use This Tool?

  • Enter the principal loan amount (P) you wish to borrow
  • Input the annual interest rate to calculate the monthly rate (r = annual rate ÷ 12)
  • Specify the loan term in years to find the total number of monthly payments (n = years × 12)
  • Click the calculate button to get your estimated fixed monthly payment
  • Review the monthly payment result and use it to plan your budget accordingly

Key Features

  • Calculates monthly payments using the standard amortization formula
  • Supports personal, auto, and general installment loans
  • Accounts for loan amount, interest rate, and loan term in years
  • Provides precise results suitable for financial planning
  • Easy-to-use web-based calculator with quick input and output

Examples

  • For a $10,000 loan at 8% annual interest over 3 years (36 months), the monthly interest rate is 0.006667. Using the formula, the monthly payment is approximately $313.36.

Common Use Cases

  • Borrowers estimating monthly payments for personal loans
  • Financial advisors helping clients compare loan offers
  • Lenders and loan officers demonstrating repayment schedules
  • Individuals planning budgets for auto loans or other installment loans

Tips & Best Practices

  • Always verify that the interest rate entered is the annual rate before dividing by 12
  • Use accurate loan term inputs for precise monthly payment calculations
  • Remember that this calculator assumes a fixed interest rate throughout the loan
  • Double-check entries for principal and interest to avoid errors
  • Consider the monthly payment as a guide; additional fees or taxes are not included

Limitations

  • Assumes a fixed interest rate with no changes over time
  • Does not include taxes, fees, prepayment penalties, or other loan costs
  • Not suitable for loans with variable or adjustable interest rates
  • Precision limited to standard floating-point accuracy typical for financial calculations

Frequently Asked Questions

What does the 'r' variable represent in the formula?
The variable 'r' stands for the monthly interest rate, which is calculated by dividing the annual interest rate by 12.

Can this calculator handle loans with variable interest rates?
No, this calculator assumes a fixed interest rate and does not support variable or adjustable rates.

Are taxes and fees included in the monthly payment calculation?
No, the calculation excludes taxes, fees, and prepayment penalties. It only estimates the loan payment based on principal and interest.

Key Terminology

Principal (P)
The original amount of money borrowed in the loan.
Monthly Interest Rate (r)
The interest rate applied every month, calculated by dividing the annual rate by 12.
Number of Payments (n)
The total count of monthly payments made over the life of the loan.

Quick Knowledge Check

What does the variable 'n' represent in the loan payment formula?

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