LoanCalc

Free Loan
Payment Calculator

Calculate monthly payments for any loan: car, personal, or student. See total interest and full amortization schedule. Free, instant, no signup.

$
$500$100,000
%
1%36%
years
1 yr7 yrs
Typical personal loan Personal loan rates range from 6% (excellent credit) to 36% (fair credit).

Monthly payment

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3-year personal loan

Principal

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Total interest

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Total cost

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Payoff year

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Principal — Interest —

Payment breakdown

How your total cost is split between principal and interest.

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principal
Principal borrowed
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Total interest paid
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Total amount repaid—
Loan fully paid off—

Amortization schedule

Year-by-year breakdown of every payment.

Year Starting balance Principal paid Interest paid Ending balance

How loan payments are calculated

Every fixed-rate loan uses the standard amortization formula. Your monthly payment is fixed so that equal instalments cover both the interest accruing on the remaining balance and a portion of the principal, fully paying off the loan by the final month.

The formula

M = P × [ r(1+r)ⁿ ] ÷ [ (1+r)ⁿ − 1 ]
MMonthly payment
PPrincipal (the loan amount)
rMonthly rate (annual rate ÷ 12)
nTotal payments (years × 12)

How to lower your monthly payment

  • A larger down payment reduces the principal and lowers monthly payments.
  • A longer loan term spreads payments over more months, reducing the monthly amount but increasing total interest.
  • A lower rate saves significantly — even 1% difference on a $25,000 car loan saves hundreds over 5 years.
  • Improving your credit score before applying qualifies you for better rates.

Frequently asked questions about loans, savings, currency and gold

The standard loan payment formula is: Monthly Payment = P × [r(1+r)^n] ÷ [(1+r)^n − 1], where P is the loan principal, r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments. This formula ensures equal payments every month that fully repay the loan including interest over the agreed term.
An amortization schedule shows how each payment is divided between principal and interest over the full loan term. In the early years, most of each payment goes toward interest. Over time, a greater portion reduces the principal balance. LoanCalc generates a complete year-by-year schedule showing exactly how your balance decreases with each passing year.
Yes. The loan payment formula is the same worldwide. You enter your own loan amount (in any currency), your own interest rate, and your own loan term. LoanCalc never fetches external data: all calculations happen in your browser. There is no country-specific data, no tax law dependency, and no requirement to be connected to anything.
Three strategies reduce total interest: (1) Choose a shorter loan term: a 15-year mortgage versus a 30-year mortgage at the same rate roughly halves the total interest paid. (2) Make extra principal payments whenever possible: even small additional amounts each month significantly reduce the final total. (3) Secure a lower interest rate through a stronger credit score, comparison shopping across multiple lenders, or refinancing when rates fall.
Yes, completely free. No account required. No signup. No email collection. No premium features behind a paywall. The calculator, amortization schedule, and payment breakdown chart are all fully accessible at no cost. LoanCalc is supported by display advertising: the calculator itself will always remain free.
Enter your current loan balance, interest rate, and remaining term, then enter the new rate and estimated closing costs. The refinance calculator shows your new monthly payment, the exact break-even month when your cumulative savings exceed the closing costs, and the total lifetime saving over the remaining loan term. As a general rule, refinancing is worthwhile if you plan to keep the loan longer than the break-even period and the rate reduction is at least 0.5%.
LoanCalc fetches the live gold spot price in USD from a financial market data source and converts it to your local currency using live exchange rates. The gold price is cached in your browser for one hour, so it refreshes frequently without making excessive API calls. Prices are displayed per troy ounce (the standard trading unit), per gram, and per kilogram for everyday reference.
The LoanCalc currency converter supports 30 major world currencies including USD, EUR, GBP, JPY, EGP, AED, SAR, CAD, AUD, CHF, CNY, INR, SGD, HKD, TRY, KRW, and more. Exchange rates are sourced from the Frankfurter open exchange rates API and updated every 24 hours. The converter automatically defaults the "to" currency based on your browser's locale settings.

Compound interest & savings growth calculator

See how your savings grow year by year with compound interest.

$
$100$1,000,000
$
$0$10,000/mo
%
0.1%30%
years
1 yr50 yrs
S&P 500 historical average~7% annually after inflation over the long term.

Future value

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Total portfolio after 20 years

Total deposited

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Interest earned

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Growth multiple

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Target year

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Deposits —Growth —

Year-by-year growth

Refinance calculator

See how much you save by refinancing to a lower rate.

Current loan

$
$1,000$2,000,000
%
0.5%20%
years
1 yr30 yrs

New loan offer

%
0.5%20%
$
$0$20,000

Monthly savings

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Per month with the new rate

Old payment

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New payment

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Break-even

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Total savings

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Enter your loan details to see if refinancing makes sense.

Live currency converter

Convert between major currencies with live exchange rates.

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Converted to

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Rate: —Inverse: —Updated: —

Quick reference

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Gold (XAU)

Price per troy ounce

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per oz in USD

1g

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10g

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1 kg

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Price in your currency (—)

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Crude Oil (WTI)

Price per barrel

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per barrel in USD

5 bbls

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10 bbls

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100 bbls

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Price in your currency (—)

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Loan Calculator: Car, Personal & Student Loans Explained

Difference between personal loan, car loan, and student loan

While all three are installment loans calculated using the same amortization formula, they differ significantly in purpose, typical terms, and interest rates:

How to compare loan offers: APR vs interest rate

The single most important rule when comparing loan offers: always compare APR (Annual Percentage Rate), not just the stated interest rate. The interest rate is only the base borrowing cost. APR folds in all fees — origination fees, processing charges, prepaid interest — and expresses the true cost as a single annual percentage. A loan advertised at 5% interest with a 2% origination fee has a much higher APR than it appears. Use our calculator with the all-in APR as the "annual interest rate" to get an accurate monthly payment estimate.

What debt-to-income ratio means for loan approval

Debt-to-income ratio (DTI) is total monthly debt payments divided by gross monthly income, expressed as a percentage. Most lenders prefer a DTI below 36%, and many won't approve personal loans when DTI exceeds 43–50%. To calculate your DTI: add up your monthly payments (rent/mortgage, car loan, credit cards, student loans, etc.), divide by your gross monthly income, and multiply by 100. If taking on a new loan pushes your DTI too high, consider paying down existing debt first or choosing a loan with lower monthly payments.

How loan term affects total cost

Loan term is the second-most powerful lever after interest rate. Consider a $25,000 car loan at 7%:

Choosing 7 years over 3 years saves $397 per month but costs an extra $3,690 in interest — 2.3x more interest for 2.3x more time. The right term depends on your cash flow needs and how much total interest you're willing to pay.

Also see: Mortgage Calculator for home loan calculations, or Refinance Calculator to model savings from a lower rate.