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Loan Calculator

Calculate your monthly loan payment, total interest paid, and see a full amortization schedule. Works for mortgages, car loans, personal loans, and any fixed-rate loan.

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yr
Monthly Payment
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Enter your loan details above
For variable-rate loans, payments may change over time. This calculator uses a fixed rate assumption. For Singapore HDB and home loan calculations, visit AsiaCalc.com.

How to Use the Loan Calculator

1
Enter the loan amount, interest rate, and term. Use the slider or type the term directly. Switch between years and months using the toggle.
2
See your monthly payment instantly. The donut chart shows the principal-to-interest split visually for the total loan cost.
3
Review the amortization schedule. The first 12 months are shown by default. Click "Show all months" to see the full payment schedule.

Loan Payment Formula

Monthly payment = P x [r(1+r)^n] / [(1+r)^n - 1]

Where P = principal, r = monthly interest rate (annual rate / 12 / 100), n = total number of monthly payments.

For each monthly payment: Interest portion = remaining balance x monthly rate. Principal portion = monthly payment - interest portion. The balance decreases by the principal portion each month.

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Frequently Asked Questions

How is a loan payment calculated?

Monthly payment = P x [r(1+r)^n] / [(1+r)^n - 1], where P is the loan principal, r is the monthly interest rate (annual rate / 12 / 100), and n is the total number of monthly payments. For a $200,000 loan at 5% for 20 years: r = 0.05/12 = 0.004167, n = 240, monthly payment = $1,319.91.

What is an amortization schedule?

An amortization schedule is a table showing how each payment is split between principal repayment and interest over the life of the loan. Early in the loan, most of each payment goes to interest. Over time, more goes to principal. By the final payment, almost the entire amount goes to principal.

How do I reduce total loan interest?

The most effective methods: choose a shorter loan term (reduces total interest but raises monthly payments), make extra payments toward the principal (reduces the balance faster), refinance to a lower rate when rates fall, or make a larger down payment to reduce the borrowed amount. Even small extra payments compounded over years make a significant difference.

What is the difference between APR and interest rate?

The interest rate is the cost of borrowing the principal only. APR (Annual Percentage Rate) includes the interest rate plus any additional fees such as origination fees, processing fees, and mortgage insurance. APR is always equal to or higher than the interest rate and provides a more accurate comparison between loan offers.

How much can I borrow based on my salary?

A common rule is that monthly debt payments should not exceed 36-43% of gross monthly income (the debt-to-income ratio). In Singapore, the Total Debt Servicing Ratio (TDSR) caps total monthly debt at 55% of gross income. For a home loan, the Mortgage Servicing Ratio (MSR) limits repayment to 30% of gross monthly income for HDB flats. Visit AsiaCalc.com for Singapore-specific loan calculators.