Loan Payment Calculator - Calculate Monthly Payments & Loan Terms
Loan Payment Calculator
Loan Calculation Results - Key Financial Metrics
Detailed Amortization Schedule
| Month | Principal | Interest | Ending Balance |
|---|
| Year | Principal | Interest | Ending Balance |
|---|
Principal vs Interest Breakdown
Loan Balance Progression - Payment Impact Over Time
How the Loan Calculator Works
Our loan calculator uses standard financial formulas to provide accurate calculations for various loan types including mortgages, auto loans, and personal loans.
Monthly Payment Calculation
For fixed-term loans, we use the standard loan payment formula:
- M = Monthly payment
- P = Principal loan amount
- r = Monthly interest rate (annual rate ÷ 12)
- n = Total number of payments (months)
Loan Term Calculation
When calculating loan duration from fixed payments, we use:
- n = Number of payments (months)
- P = Principal loan amount
- r = Monthly interest rate
- M = Monthly payment
Supported Loan Types
This calculator works for various types of fixed-rate loans:
- Mortgages - Home loans and refinancing
- Auto Loans - Car and vehicle financing
- Personal Loans - Unsecured personal financing
- Student Loans - Educational loan payments
- Business Loans - Commercial financing
How to Use This Calculator
Select either "Monthly Payment" to calculate what your monthly payment would be, or "Loan Duration" to find out how long it will take to pay off your loan.
Fill in the required fields marked with a red asterisk (*). All monetary amounts should be entered without dollar signs or commas.
The calculator automatically updates as you type. Review the key financial metrics, charts, and detailed amortization schedule.
Use the pie chart to understand how much goes to principal vs. interest, and the line chart to see how your loan balance decreases over time.
Download monthly or annual amortization schedules as CSV files for further analysis or record-keeping.
Authoritative Sources and References
This calculator is based on standard financial formulas and best practices as referenced by the following authoritative sources:
- Consumer Financial Protection Bureau (CFPB) - U.S. Government agency providing consumer financial education and protection
- CFPB Home Loan Toolkit - Comprehensive guide to understanding mortgages and loan calculations
- Federal Reserve - Understanding Credit - Official guidance on loan and credit calculations
- Financial Industry Standards - Standard loan calculation methodologies used across the financial industry
- Financial Mathematics Resources - Mathematical foundations for loan calculations
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