Loan Calculator
Calculate monthly payments, total interest paid & full amortization schedule for any loan. Supports mortgages, car loans, student loans & personal loans.
Free Loan Calculator — Monthly Payments & Amortization Schedule
Toolify's Loan Calculator computes your exact monthly payment, total interest, and full amortization schedule for any loan type. Enter the principal amount, annual interest rate, and loan term to see a complete breakdown of how each payment is split between principal and interest over time.
Works for mortgages, car loans, personal loans, and student loans. The amortization table shows payment milestones — when you'll have paid off 25%, 50%, and 75% of the principal.
Frequently Asked Questions
How is the monthly loan payment calculated?
Monthly payment is calculated using the standard amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1], where P is the principal, r is the monthly interest rate, and n is the number of monthly payments.
What is an amortization schedule?
An amortization schedule shows how each monthly payment is split between principal repayment and interest over the life of the loan. Early payments are mostly interest; later payments are mostly principal.
Can I use this for mortgage calculations?
Yes. Enter the home loan amount, the annual interest rate offered by your lender, and the loan term (typically 15 or 30 years) to see your monthly mortgage payment.
What happens if I make extra payments?
Making extra principal payments reduces the outstanding balance, which reduces future interest charges and shortens your loan term. Check with your lender about any prepayment penalties.
Is this a replacement for financial advice?
This calculator is for educational and planning purposes. For actual loan decisions, consult a qualified financial advisor or lender.