loot.tools

Loan Calculator

Enter a loan amount, an annual interest rate, and a term to get the fixed monthly payment, the total interest you'll pay, and the full amount paid over the life of the loan. A year-by-year amortization table shows how each year splits between principal and interest and how the balance falls. Works for mortgages, car loans, student loans, and personal loans, and it all runs in your browser.
Math
Monthly payment
489.15
Total interest
4,349.22
Total paid
29,349.22
Payments
60

Amortization by year

YearPrincipalInterestBalance
14,373.621,496.2320,626.38
24,666.531,203.3215,959.86
34,979.05890.7910,980.81
45,312.51557.345,668.30
55,668.30201.550.00

What this tool does

Type in how much you're borrowing, the annual interest rate, and the term in years or months. The calculator returns the fixed monthly payment, the total interest paid, the total you'll hand over by the end, and a year-by-year breakdown. Change any input and the numbers update right away, so it's easy to see what a lower rate or a shorter term does to the payment.

How the payment is worked out

It uses the standard amortizing-loan formula, the same one banks use for fixed-rate mortgages and car loans. Each month, interest is charged on the remaining balance and the rest of your payment chips away at the principal. Early on, most of the payment goes to interest. As the balance shrinks, more of it goes to principal. A zero-rate loan just splits the amount evenly across the term.

Reading the amortization table

The table rolls the schedule up by year so you can see the shift from interest to principal without scrolling through every payment. The principal column adds up to the amount you borrowed, the interest column adds up to the total interest, and the balance column shows what's left owing at the end of each year. It's a quick way to see how much faster a slightly bigger payment would clear the debt.