Loan Calculator

Calculate monthly payments, total interest, and amortization schedule

How Loan Payments Work

Loan payments consist of principal (the amount borrowed) and interest. Early payments go mostly toward interest, while later payments pay down more principal.

Factors Affecting Your Payment

Loan Amount: Higher amounts mean higher payments
Interest Rate: Lower rates reduce total cost
Loan Term: Longer terms lower monthly payments but increase total interest
Payment Frequency: More frequent payments can save on interest