Loan Calculator
Calculate your loan payments, total interest, and view a complete amortization schedule. Perfect for personal loans, auto loans, or any fixed-rate loan.
Loan Summary
Monthly Payment
$501
Total Interest
$5,057
Loan Details
Payment Breakdown
$25,000
83.2% of total
$5,057
16.8% of total
Loan Balance Over Time
Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| Jan 2026 | $501 | $345 | $156 | $24,655 |
| Feb 2026 | $501 | $347 | $154 | $24,308 |
| Mar 2026 | $501 | $349 | $152 | $23,959 |
| Apr 2026 | $501 | $351 | $150 | $23,608 |
| May 2026 | $501 | $353 | $148 | $23,255 |
| Jun 2026 | $501 | $356 | $145 | $22,899 |
| Jul 2026 | $501 | $358 | $143 | $22,541 |
| Aug 2026 | $501 | $360 | $141 | $22,181 |
| Sep 2026 | $501 | $362 | $139 | $21,819 |
| Oct 2026 | $501 | $365 | $136 | $21,454 |
| Nov 2026 | $501 | $367 | $134 | $21,088 |
| Dec 2026 | $501 | $369 | $132 | $20,718 |
Showing first 12 of 60 payments
Compare Loan Terms
| Term | Monthly | Total Interest | Total Cost |
|---|---|---|---|
| 36 months (3 years) | $778 | $2,996 | $27,996 |
| 48 months (4 years) | $604 | $4,015 | $29,015 |
| 60 months (5 years) | $501 | $5,057 | $30,057 |
| 72 months (6 years) | $432 | $6,122 | $31,122 |
| 84 months (7 years) | $383 | $7,210 | $32,210 |
Quick Answer
To calculate loan payments, use the formula: Monthly Payment = P × [r(1+r)^n] / [(1+r)^n-1], where P is principal, r is monthly interest rate, and n is number of payments. Our free loan calculator at practicalwebtools.com instantly computes monthly payments, total interest, and generates an amortization schedule - no signup required.
Key Facts
- Loan payment formula: M = P × [r(1+r)^n] / [(1+r)^n-1] where P=principal, r=monthly rate, n=payments
- Total interest paid = (Monthly Payment × Number of Payments) - Principal
- Amortization schedules show how each payment splits between principal and interest
- Longer loan terms mean lower payments but more total interest paid
- Making extra principal payments can significantly reduce total interest
- APR includes fees and gives the true cost of borrowing
- 100% private - your financial data never leaves your device
Frequently Asked Questions
The monthly payment is calculated using the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where P is the principal, r is the monthly interest rate, and n is the number of payments. This formula ensures equal payments throughout the loan term while properly allocating interest and principal.
An amortization schedule is a complete table showing each loan payment broken down into principal and interest portions. Early payments are mostly interest, while later payments are mostly principal. The schedule shows exactly how your loan balance decreases over time.
Higher interest rates significantly increase your total loan cost. Even a 1% difference can mean thousands of dollars over the life of a loan. For example, on a $200,000 loan over 30 years, a 1% increase in rate adds approximately $40,000 in total interest paid.
Shorter terms mean higher monthly payments but less total interest paid. Longer terms offer lower monthly payments but more total interest. Choose based on your budget and financial goals. A 15-year mortgage vs 30-year typically saves 50%+ in interest.
The interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus other fees and costs, giving a more complete picture of the loan cost. APR is typically higher than the stated interest rate.
Loan Summary
Monthly Payment
$501
Total Interest
$5,057