Loan Calculator
Calculate monthly payments, total interest, and amortization schedule for loans.
Loan Information
Interest-only period
Payment Summary
Monthly Payment
$632.07
Total Interest
$127,544.49
Total Payment
$227,544.49
• Fixed Payment: Same amount each month, most common for mortgages
• Fixed Principal: Less total interest, higher initial payments
• Interest Only: Lowest monthly payment, highest total interest
Note: Actual loans may include fees, prepayment penalties, and other charges.
💰 What is Loan Calculator?
Loan Calculator helps you estimate monthly payments and total interest by entering principal, interest rate, and loan term. It works for all types of loans including mortgages, auto loans, personal loans, and student loans. Compare three repayment methods—fixed payment (amortization), fixed principal, and interest-only—to find the best option for your situation. View the monthly amortization schedule and download it as CSV for your financial planning.
📊 Repayment Method Comparison
| Method | Characteristics | Total Interest | Best For |
|---|---|---|---|
| Fixed Payment | Same payment each month | Medium | Stable monthly budget |
| Fixed Principal | Principal equal, interest decreases | Lowest | Higher initial capacity |
| Interest Only | Interest only, principal at maturity | Highest | Short-term, investment |
💡 Loan Planning Tips
- DTI Ratio: Keep debt-to-income ratio under 36-43% for approval
- Interest Type: Understand fixed vs variable rate pros and cons
- Prepayment Penalties: Check if early payoff incurs fees
- Grace Period: Reduces initial burden but increases total interest
Frequently Asked Questions
Which is better: fixed payment or fixed principal?▼
Fixed principal results in less total interest, but has higher initial payments. Choose fixed payment for stable budgeting, fixed principal if you can afford higher early payments.
Why might actual loan amounts differ from calculated results?▼
Real loans may include additional costs like origination fees, closing costs, PMI, and prepayment penalties. Contact your lender for exact figures.
Can I calculate adjustable-rate mortgages (ARM)?▼
This calculator uses fixed rates. ARMs require recalculation at each rate adjustment period. For ARM simulations, specialized tools are needed.
What is Loan Calculator?
Calculate monthly payments and total interest for loans. Compare three repayment methods: fixed payment (amortizing), fixed principal, and interest-only. View and download a detailed amortization schedule.