Loan Calculator

By the FastFreeTools Editorial Team · Last reviewed: May 2026 · See our Editorial Policy for methodology, sourcing, and disclaimers.

Calculate monthly payments for any loan. View total interest paid and a detailed amortization schedule. Methodology: monthly payment uses the standard fixed-rate amortization formula M = P · r(1+r)ⁿ / ((1+r)ⁿ − 1), where P is principal, r is the monthly interest rate, and n is the number of monthly payments. Real loans may include fees, prepayment penalties, or variable rates — see our editorial policy for the financial disclaimer.

About this tool

Understanding loan costs is essential before committing to any borrowing. Our Loan Calculator computes monthly payments using the standard amortization formula, shows total interest paid over the life of the loan, and generates a complete month-by-month amortization schedule. Enter the loan amount, annual interest rate, and term in years to see exactly how much you'll pay. The amortization table reveals how each payment splits between principal and interest — early payments are mostly interest, while later payments go primarily toward principal. Use this for personal loans, auto loans, student loans, and any fixed-rate installment debt.

How to use Loan Calculator

Enter the loan amount (principal).
Enter the annual interest rate.
Enter the loan term in years.
View monthly payment, total interest, and amortization schedule.

Tips & best practices

Even small interest rate differences significantly affect total cost.
Shorter loan terms have higher payments but much less total interest.
Extra payments toward principal can save thousands in interest.
Compare different scenarios by adjusting the inputs.

Common use cases

Evaluating personal loan offers from different lenders.
Planning auto loan payments before visiting the dealership.
Understanding student loan repayment schedules.
Comparing loan refinancing options to find savings.

Privacy

This tool runs entirely in your browser. We do not upload, store, log, or process your input on any server. Open your browser's DevTools Network tab to verify — there is no outbound request with your data. See our Privacy Policy for details.

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