Loan Calculator
Free online loan calculator – Fast, accurate, and easy to use
Calculate your loan payments in multiple currencies and download amortization schedules.
Loan Payment Formula Explained
M = P × [r(1+r)^n] / [(1+r)^n - 1]
- M = Monthly payment
- P = Principal loan amount
- r = Monthly interest rate (annual rate ÷ 12 ÷ 100)
- n = Total number of payments (years × 12)
Worked Example
Example: $25,000 personal loan at 8% for 5 years
- P = $25,000 | Annual rate = 8% | Term = 5 years (60 months)
- r = 0.08 ÷ 12 = 0.006667 per month
- n = 5 × 12 = 60 payments
- M = 25,000 × [0.006667 × (1.006667)^60] / [(1.006667)^60 - 1]
- Monthly Payment ≈ $507.31
- Total paid = $507.31 × 60 = $30,438.60
- Total interest = $30,438.60 - $25,000 = $5,438.60
Try it above — enter $25,000, 8%, and 5 years to verify.
Loan Calculator — Frequently Asked Questions
Advertisement
How to Use This Calculator
Step 1: Enter Amount
Loan amount in chosen currency.
Step 2: Enter Interest
Annual percentage interest rate.
Step 3: Enter Term
Duration in years.
Step 4: Calculate & Download
Get monthly payments and amortization schedule.
Advertisement