Simple Loan Calculator

Many factors go into calculating the monthly payment on a loan: everything from the loan amount, the loan terms, the type of loan (student loans, home loans, auto loans, etc.), whether it’s a secure loan or an unsecured loan and so on.

Note that repayment of a loan requires that the borrower make a monthly payment to the lender. With each monthly payment, you pay down a portion of the loan principal, as well as monthly interest on the outstanding balance. Loan payments are amortized so that the monthly payment remains the same throughout the repayment term, but during that time, the percentage of the amount that goes toward principal starts lower and will increase as the outstanding loan balance decreases.

It’s a snap to calculate your monthly loan payment using our Simple Loan Calculator to run as many test scenarios you’d like, which you’ll find above. 

1. Determine how much money you would like to borrow.
2. Add in your desired loan term in years.
3. Add in the interest rate.
4. The calculator will handle the rest and estimate your monthly payment, and you can explore the loan amortization schedule as well.