Home › Loan Calculator

Loan Calculator

Using the standard amortization formula banks use.

Yes — shorter terms raise the payment but cut total interest dramatically.

Works for personal loans, auto loans, and any fixed-rate loan. Instant results as you type.

📊 This week's national averages (Freddie Mac PMMS, July 2, 2026): 30-year fixed 6.43% • 15-year fixed 5.79%

Loan amount ($) Interest rate (% per year) Term (years)

Monthly payment

—

Total interest: — • Total paid: —

Amortization schedule

Period	Principal paid	Interest paid	Balance

Using the standard amortization formula: principal × monthly rate ÷ (1 − (1 + monthly rate)^−months). The same formula banks use.

Yes — a shorter term raises the monthly payment but can cut total interest dramatically. Compare 15 vs 30 years above.