Loan Calculator
Calculate monthly payments, total interest, and amortization schedule for any loan. Perfect for mortgages, auto loans, and personal loans.
Loan Details
Payment Summary
Loan Summary
Cost Analysis
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How It Works
A loan calculator helps you determine your monthly payment amount and total cost of borrowing for any type of loan. Whether you're considering a mortgage, auto loan, personal loan, or business loan, understanding the financial commitment is crucial for making informed decisions.
The calculator uses the loan amount (principal), interest rate, and loan term to calculate your fixed monthly payment using the standard amortization formula. Each payment consists of both principal (paying down the loan balance) and interest (the cost of borrowing).
Early in the loan term, most of your payment goes toward interest. As time progresses, more of each payment goes toward principal. This is called amortization, and understanding this schedule helps you see the true cost of your loan over time.
Practical Examples
Example: $250,000 Mortgage at 4.5%
- • Monthly Payment: $1,267
- • Total Interest: $206,016
- • Total Paid: $456,016
- • Interest Percentage: 82.4%
Example: $25,000 Auto Loan at 6%
- • Monthly Payment: $483 (5 years)
- • Total Interest: $3,996
- • Total Paid: $28,996
- • Interest Percentage: 16.0%
Frequently Asked Questions
Shop Interest Rates: Even a 0.5% difference in interest rate can save thousands over the life of a loan.
Shorter Terms Save Money: While monthly payments are higher, shorter loan terms significantly reduce total interest paid.
Extra Principal Payments: Making additional principal payments can dramatically reduce the loan term and total interest.
Consider Total Cost: Don't focus only on monthly payments - consider the total amount you'll pay over the loan's lifetime.