Loan Calculator

Calculate loan payments, total interest, and payoff date for any loan type.

account_balanceLoan Calculator

tune

Loan Details

Loan Amount

Interest Rate (% per year)

Loan Term

Payment Frequency

Start Date (optional)

Used to estimate your loan payoff date.

analytics

Loan Summary

account_balance

Enter your loan details and click Calculate

info

About Loan Calculator

The Loan Calculator helps you estimate payments for any type of loan including personal loans, auto loans, student loans, and more. Enter your loan amount, interest rate, and term to instantly see your payment amount, total interest cost, and payoff date. It supports multiple payment frequencies so you can compare monthly, bi-weekly, and weekly repayment schedules.

Understanding the true cost of borrowing is essential before taking on any loan. This calculator breaks down your total repayment into principal and interest so you can see exactly how much you will pay over the life of the loan. All calculations run entirely in your browser with no data sent to any server.

help

How to Use

Enter Loan Amount

Input the total amount you plan to borrow. This is the principal balance of your loan before any interest is applied.

Set Interest Rate & Term

Enter the annual interest rate and choose your loan term in years or months. The calculator uses the standard amortization formula to compute payments.

Choose Payment Frequency

Select how often you want to make payments — monthly, bi-weekly, or weekly. Bi-weekly and weekly options show you how more frequent payments affect your schedule.

Calculate

Click Calculate to see your payment amount, total interest, total cost, payoff date, and a complete payment breakdown summary.

quiz

Frequently Asked Questions

How is the loan payment calculated? expand_more

The payment is calculated using the standard amortization formula: Payment = P * [r(1+r)^n] / [(1+r)^n - 1], where P is the loan principal, r is the monthly interest rate, and n is the total number of monthly payments. For bi-weekly and weekly frequencies, the monthly payment is converted proportionally.

How does payment frequency affect total cost? expand_more

The payment frequency changes how often you make payments but the total cost remains based on the same monthly amortization calculation. Bi-weekly payments divide the monthly amount into 26 payments per year, and weekly into 52 payments per year, spreading the cost more evenly throughout the year.

What is amortization? expand_more

Amortization is the process of paying off a loan through regular scheduled payments over time. Each payment covers both principal (the original amount borrowed) and interest (the cost of borrowing). Early in the loan term, a larger portion goes to interest, while later payments put more toward reducing the principal balance.

Can I use this for any type of loan? expand_more

Yes, this calculator works for any fixed-rate loan including personal loans, auto loans, student loans, home equity loans, and more. It assumes a fixed interest rate with level payments over the full term. It does not account for variable rates, balloon payments, or other specialized structures.

How is the payoff date determined? expand_more

The payoff date is calculated by adding the total loan term (in months) to the start date you provide. If no start date is entered, the payoff date section will prompt you to set one. This gives you a clear target date for when your loan will be fully repaid.