--- title: "Loan Calculator - Monthly Payment & Amortization | CanDoYa" description: "Free loan calculator: enter the amount, interest rate and term to get your monthly payment, total interest, total cost and a full month-by-month amortization schedule - live in your browser." url: https://candoya.com/tools/loan-calculator/ locale: en type: browser-tool --- # Free Loan Calculator with Amortization Schedule Category: Calculators ## How do you calculate a monthly loan payment? A fixed monthly loan payment is M = P·i(1+i)^n / ((1+i)^n - 1), where P is the loan amount, i is the monthly interest rate (annual rate divided by 12) and n is the number of monthly payments. This free loan calculator does that math for you and shows the monthly payment, the total interest, the total cost and a full amortization schedule - live as you type. Everything runs **locally in your browser**. Your figures are never uploaded or stored, the result updates on every keystroke, and the amortization schedule breaks each payment into interest and principal so you can see the balance fall month by month. Early payments are mostly interest and later ones mostly principal - the table makes that shift visible. It works offline once the page has loaded, and the numbers are currency-agnostic, so read them as dollars, euros, rupees or anything else. ## How to use it 1. **Enter the loan amount and rate** - Type the amount you are borrowing and the annual interest rate as a percent (for example 6.5 for 6.5%). 2. **Set the term** - Enter the length of the loan in years, plus any extra months. A 5-year loan is 5 years; a 66-month loan is 5 years and 6 extra months. 3. **Read the payment and schedule** - The monthly payment, total interest and total cost update instantly. Scroll the amortization schedule to see how each payment splits into principal and interest; use Copy to grab the monthly payment. ## Who it's for - **Car buyers** checking the real monthly payment on an auto loan before signing. - **Homeowners** estimating a mortgage payment and seeing how much of each installment is interest. - **Borrowers comparing offers** who want to see how a lower rate or a shorter term changes total interest. - **Students** checking amortization homework against the worked M = P·i(1+i)^n / ((1+i)^n - 1) formula. - **Anyone taking a personal loan** who wants the full cost, not just the headline rate. ## Expert note Watch the split, not just the payment. On a 25,000 loan at 6.5% over 5 years the monthly payment is about 489.15 and total interest is roughly 4,349 - but in the very first month around 135 of that payment is pure interest and only ~354 pays down the balance. That ratio flips over the life of the loan, which is why paying a little extra early (when the balance, and therefore the interest, is highest) saves far more than the same extra paid near the end. ## Frequently asked questions ### Is this loan calculator free? Yes - 100% free, no sign-up and no limits. The whole calculation runs in your browser with plain JavaScript, so it also works offline once the page has loaded. ### Are my numbers uploaded anywhere? No. The math happens locally on your device. Nothing you type - amount, rate or term - is sent to a server, stored or shared. Close the tab and it is gone. ### What is the loan payment formula? For a fully-amortizing loan the fixed monthly payment is M = P·i(1+i)^n / ((1+i)^n - 1), where P is the loan amount, i is the monthly interest rate (the annual rate as a decimal divided by 12) and n is the total number of monthly payments. When the rate is 0 the payment is simply P divided by n. ### What is an amortization schedule? It is a month-by-month table showing how each payment is split between interest and principal, plus the balance remaining after each payment. Because interest is charged on the outstanding balance, early payments are mostly interest and later ones mostly principal, even though the total payment stays the same. ### How do I enter a term that is not a whole number of years? Use the years field for the whole years and the extra-months field for the rest. A 66-month loan is 5 years plus 6 months; a 30-month loan is 2 years plus 6 months. Leave years blank and put everything in months if you prefer. ### Does it handle a 0% interest loan? Yes. With a 0% rate there is no interest, so the payment is just the loan amount divided by the number of months and the schedule shows the balance falling by an equal amount each period. ### Which currency does it use? None in particular - the figures are currency-agnostic. Enter the amount in whatever currency you are borrowing and read the results the same way. Digits are grouped for your language, but no currency symbol is added. ## Related tools - [Compound Interest Calculator](https://candoya.com/tools/compound-interest/) - [Debt Snowball vs Avalanche Calculator](https://candoya.com/tools/debt-snowball-avalanche/) - [Vesting Schedule Calculator](https://candoya.com/tools/vesting-schedule/) - [Credit Card Payoff Calculator](https://candoya.com/tools/credit-card-payoff/) - [Savings Goal Calculator](https://candoya.com/tools/savings-goal-calculator/) --- *Markdown edition of , published for AI agents and other automated readers. Index of key pages: .*