Loan & Mortgage Calculator
Estimate your monthly payments, interest costs, and total loan amount with our easy-to-use calculator. Make informed financial decisions with accurate payment estimates.
Monthly Payment
$0
Total Interest
$0
Total Cost
$0
Payment Distribution
Loan Summary
Loan Amount
$250,000
Down Payment
$50,000 (20%)
Principal Amount
$200,000
Interest Rate
4.5%
Loan Term
30 years (360 payments)
Payment Frequency
monthly
How to Use This Loan Calculator
Our loan calculator helps you estimate your monthly payments and the total cost of your loan. Here's how to use it:
- Enter the loan amount you wish to borrow
- Set your interest rate (annual percentage rate)
- Choose the loan term in years
- Add any down payment if applicable
- Include additional costs like fees or taxes
- Select your preferred currency
- View your estimated monthly payment and total costs
- Explore the amortization schedule to see how your payments break down over time
Understanding Your Results
The calculator provides several key figures to help you understand your loan:
- Monthly Payment: The amount you'll pay each month, including principal and interest
- Total Interest: The total amount of interest you'll pay over the life of the loan
- Total Cost: The combined total of principal and interest payments
- Amortization Schedule: A breakdown of each payment showing how much goes to principal vs. interest
Frequently Asked Questions
What is an amortization schedule?
An amortization schedule is a table showing the breakdown of each loan payment into principal and interest over time. It helps you understand how your loan balance decreases with each payment.
How does the interest rate affect my loan?
Even a small change in interest rate can significantly impact your monthly payment and the total interest paid over the life of the loan. Higher interest rates mean higher monthly payments and more interest paid overall.
What's the difference between fixed and variable interest rates?
A fixed interest rate remains the same throughout the loan term, providing consistent monthly payments. A variable interest rate can change over time based on market conditions, potentially causing your payments to increase or decrease.
Can I use this calculator for different currencies?
Yes, our calculator supports multiple currencies including US Dollar, Euro, British Pound, Japanese Yen, Canadian Dollar, Australian Dollar, Swiss Franc, Chinese Yuan, Indian Rupee, and Polish Złoty.