Loan Calculator
Calculate monthly payments, total interest and amortization for any loan.
36 months (3 years)
Cost Breakdown
Balance & Interest Over Time
Enter an extra amount to see how much interest you'd save.
Results are estimates for informational purposes only. Consult a financial advisor for personalised advice.
How to use
- 1
Pick the loan type that matches your situation
- 2
Enter the loan amount, interest rate and term
- 3
See your monthly payment, total interest and full schedule instantly
Free Loan Calculator โ Monthly Payment, Total Interest & Amortization
Calculate your monthly loan payment, total interest and full amortization schedule instantly. Supports personal loans, mortgages, car loans and EMI. Free, no signup.
A loan calculator helps you understand the true cost of borrowing before you sign any agreement. Enter the loan amount, annual interest rate and repayment term โ Skycally's calculator instantly shows your monthly payment, the total interest you'll pay over the life of the loan, and the complete amortization schedule month by month.
The monthly payment formula (also called PMT or EMI) is: M = P ร r(1+r)^n / ((1+r)^n โ 1), where P is the principal, r is the monthly interest rate (annual rate รท 12), and n is the number of months. This formula ensures each payment covers the month's interest first, then reduces the principal โ which is why early payments in a long loan are mostly interest.
Use the 'Extra Payment' feature to see how much interest you save by paying more each month. Even $50โ$100 extra per month on a long-term loan can save thousands in interest and cut years off the repayment period โ a feature most online calculators don't show you.
Frequently Asked Questions
How is the monthly loan payment calculated?
Using the standard PMT formula: M = P ร r(1+r)^n / ((1+r)^n โ 1), where P = principal, r = monthly interest rate (annual rate รท 12), and n = number of months. If the interest rate is 0%, the payment is simply the principal divided by the number of months.
What is an amortization schedule?
A month-by-month breakdown showing how much of each payment goes toward interest and how much reduces the principal balance. In early payments, most of the payment is interest. Over time, the interest portion shrinks and the principal portion grows.
How can I reduce the total interest I pay?
Three ways: 1) Negotiate a lower interest rate, 2) Shorten the loan term, 3) Make extra payments toward the principal each month. The 'Extra Payment' calculator above shows exactly how much you save with each extra dollar paid.
What is a good interest rate for a personal loan?
Personal loan rates typically range from 5% to 36% depending on your credit score, income, and lender. A rate below 10% is generally considered good. Compare multiple lenders before accepting any offer.
What is the difference between APR and interest rate?
The interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus fees (origination fee, closing costs, etc.), making it the true annual cost of the loan. Always compare APRs when shopping for loans.
Does this calculator store my financial data?
No. All calculations run locally in your browser using JavaScript. Your loan amount, rate, and other inputs are saved only in your browser's localStorage for convenience and never transmitted to any server.
Can I download the amortization table?
Yes. Click 'Download CSV' under the payment schedule to download the full amortization table as a spreadsheet you can open in Excel, Google Sheets, or any CSV viewer.
What currencies are supported?
USD, EUR, GBP, MAD, SAR, AED, INR, BRL, CAD and AUD. Select your currency from the dropdown โ the symbol updates instantly and all outputs are formatted according to each currency's conventions.
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