How is the monthly loan payment calculated?

We use the standard loan payment formula: P = [rPV] / [1 - (1 + r)^-n], where P is monthly payment, r is monthly interest rate, PV is loan amount, and n is total number of payments. This accounts for both principal and interest over the loan term.

How much can I save with extra payments?

Extra payments directly reduce your principal balance, which reduces the total interest paid over the life of the loan. Even small extra payments can save thousands in interest and shorten your loan term by several years.

What's the difference between a 15-year and 30-year mortgage?

A 15-year mortgage has higher monthly payments but much less total interest paid and builds equity faster. A 30-year mortgage has lower monthly payments but more total interest paid over the life of the loan.

Loan Calculator - Mortgage, Auto, Student & Personal Loans

Free online loan calculator with 4 calculation modes: monthly payments, affordability, extra payments, and loan comparison. Perfect for mortgage planning, auto loans, student loans, and personal loans.

Loan Amount ($)

Interest Rate (%)

Loan Term (years)

Loan Amount: $250,000

Interest Rate: 4.5%

Loan Term: 30 years

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Loan Formulas & Real-World Examples

Essential Formulas

Monthly Payment:
P = [rPV] / [1 - (1 + r)^-n]

Where:
P = Monthly Payment
r = Monthly Interest Rate
PV = Present Value (Loan Amount)
n = Total Number of Payments

Total Interest:
Total Paid - Loan Amount

Common Examples

$250,000 Mortgage:
4.5% for 30 years = $1,267/month

$35,000 Auto Loan:
5.5% for 5 years = $669/month

$50,000 Student Loan:
6.0% for 10 years = $555/month

Extra Payments:
$100/month extra saves $28,000 on mortgage

Loan Calculation Tips:

Lower Rates Save Thousands: Even 0.5% lower rate can save $50,000 on a 30-year mortgage. Shorter Terms Build Equity Faster: 15-year mortgage builds equity twice as fast as 30-year. Extra Payments: Small extra payments early in the loan term have the biggest impact on total interest.

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