Loan Calculator

Calculate monthly repayments, total interest and a full amortization schedule.

%
years
Formula: PMT = P · r / (1 − (1 + r)^−n)
  • P = loan principal
  • r = monthly interest rate (annual ÷ 12)
  • n = number of monthly payments

How to use the Loan Calculator

  1. Enter the loan amount. The total amount you're borrowing.
  2. Add rate and term. Your annual interest rate and the length in years.
  3. Review the schedule. See your monthly payment and the year-by-year breakdown.

Why use our Loan Calculator

Full amortization. See exactly how much of each year goes to principal vs interest.
Any loan. Mortgages, car loans, personal loans — any amount, rate and term.
Instant results. Payment and schedule update the moment you change a value.

Free to use — premium coming soon

FREE
  • Monthly payment
  • Total interest
  • Amortization schedule
PREMIUM
  • Remove ads
  • Extra-payment modelling
  • Export schedule to PDF/CSV

About the Loan Calculator

The Loan Calculator turns three numbers you already know into the figures lenders rarely show up front: your fixed monthly repayment, the total interest you will pay over the life of the loan, and a year-by-year breakdown of how the balance falls. Enter the amount you want to borrow, the annual interest rate, and the term in years, and it computes everything instantly. It works for any fixed-rate installment loan with equal payments, whether that is a car loan, a personal loan, a student loan, or a home loan, because the underlying math is the same for all of them.

Reach for this tool before you sign anything. Comparing two offers becomes simple when you can see that a slightly lower rate or a shorter term changes the total interest by hundreds or thousands. It also helps when you are budgeting: knowing the exact monthly figure tells you whether a loan fits alongside your other commitments. Many people use it to test a hypothetical, such as borrowing $20,000 over five years versus seven, and immediately see how stretching the term lowers the monthly payment while raising the total interest paid.

Behind the scenes it uses the standard amortization formula, M = P[r(1+r)^n] / [(1+r)^n - 1], where P is the principal, r is the monthly interest rate (the annual rate divided by 12), and n is the number of monthly payments (years times 12). Each month, interest is charged on the remaining balance, and whatever is left of your fixed payment reduces the principal. Because the balance shrinks every month, the interest portion steadily falls and more of each payment attacks the principal, which is why the amortization schedule shifts so dramatically from the first year to the last.

Everything is calculated in your browser, so the loan amount, rate, and term you type never leave your device or get sent to a server. There is nothing to save and no account to create. One accuracy note: the result assumes a fixed rate and equal monthly payments, and it does not include lender fees, insurance, or taxes. Because of that, the rate you enter behaves like a nominal interest rate rather than an APR, which also folds in fees, so a real quote with charges may cost slightly more than the figure shown here.

Frequently asked questions

How does the calculator work out my monthly payment?

It applies the standard amortization formula, dividing your annual rate by 12 to get a monthly rate and multiplying your term in years by 12 to get the number of payments. This produces one fixed payment that fully clears the loan, principal plus interest, by the final month.

Why does so much of my early payment go to interest?

Interest is charged on the outstanding balance, which is highest at the start. Early on, most of each payment covers that interest and only a little reduces the principal; as the balance falls, the interest portion shrinks and more of each payment goes to principal.

Is the interest rate the same as APR?

No. The rate you enter is the nominal interest rate on the principal. APR also includes fees such as origination charges, so it is usually a bit higher. Use APR when comparing the true cost of two loan offers.

Will paying extra each month really save money?

Yes. Any amount above your scheduled payment goes straight to the principal, reducing the balance interest is charged on and shortening the term. Most installment loans have no prepayment penalty, but it is worth confirming with your lender first.

Does the calculator include taxes, insurance, or fees?

No. It shows only principal and interest for a fixed-rate loan with equal payments. For a mortgage, you would add property taxes, homeowners insurance, and any closing costs separately to see your full monthly outlay.

From our blog

How to Use Heart Rate Zones to Train Smarter, Not Just Harder

By the Super Simple Digital Tools Team · Updated June 2026

Most people exercise in a frustrating middle gear: too hard to recover properly, too easy to build real fitness. Heart rate zones fix that by giving each workout a clear intensity target. Once the calculator hands you bpm ranges, the job is to match the right range to the right session, then actually hold yourself there instead of drifting up whenever a workout feels easy or down whenever it feels hard.

Start by separating your sessions into easy and hard. Easy or recovery days should sit in the lower band, roughly 50 to 70 percent of your maximum, where you can hold a conversation. This is where aerobic base is built, and most endurance coaches argue the bulk of weekly training should live here. The mistake beginners make is creeping into the moderate-to-hard band on every run, which leaves them tired but not improving. The calculator's lower number is your ceiling for these days, not a goal to beat.

Hard days are where the upper zones earn their place. Intervals, hill efforts, and tempo work push into the 70 to 85 percent vigorous band and, briefly, above it. These sessions raise your maximum oxygen uptake and lactate threshold, the engine upgrades that make easy paces feel easier. Keep them to one or two per week and watch the upper bpm figure so you push genuinely hard rather than settling into a comfortable grind that delivers neither rest nor adaptation.

If you entered a resting heart rate, the Karvonen zones you received are already tuned to your current condition, so revisit them as you get fitter. A lower resting pulse over the weeks is a sign your heart has grown more efficient, and recalculating will shift your targets accordingly. It is worth measuring resting heart rate first thing in the morning across several days and averaging it, since a single rushed reading can skew the whole calculation.

Finally, let your body override the math when it disagrees. Heat, dehydration, caffeine, stress, and poor sleep can all push your heart rate higher than usual at the same effort, a phenomenon called cardiac drift. If the number reads high but the effort feels normal, or you take medication that blunts heart rate, trust perceived exertion and ease off. The zones are a guide to make good decisions, not a rule that outranks how you actually feel.

  • Measure your resting heart rate right after waking, before coffee or activity, and average several days for the most accurate Karvonen zones.
  • Use a chest strap rather than a wrist sensor for interval work, since optical wrist readings often lag and misread during fast bpm changes.
  • If you cannot speak a full sentence, you have left the moderate zone and entered vigorous territory, regardless of what the watch shows.
  • Recalculate every few months or after a fitness jump, because a dropping resting heart rate moves your personalized targets.

Read the full guide →

Tool by the Super Simple Digital Tools Team. Reviewed by our editorial team. Free to use, no signup required.

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