# Loan Calculator

> Calculate monthly payments, total interest, and a full amortization schedule for any loan.

URL: https://uttir.com/loan-calculator
Categories: calculators
Privacy: Your loan details are calculated entirely in your browser and never leave your device.

## About

Whether you are shopping for a mortgage, a car loan, or a personal loan, the first question is always the same: what will the monthly payment be — and how much will it cost me in total? This calculator answers both with a complete amortization schedule.

It also models extra monthly payments, so you can see exactly how much earlier you would pay the loan off and how much interest you would save. Everything runs locally, so your financial details stay private.

## How to use

1. **Enter the loan amount** — The total you plan to borrow.
2. **Enter the annual interest rate** — For example 6.5 for a 6.5% APR. Leave at 0 for an interest-free loan.
3. **Set the term in years** — For example 30 for a 30-year mortgage.
4. **Add an optional extra payment** — See how an extra amount per month shortens the term and cuts total interest.

## Examples

### A $20,000 car loan at 6% for 5 years

The standard payment formula used by lenders.

Input:

```
Amount: 20000 · Rate: 6% · Term: 5 years
```

Output:

```
Monthly payment ≈ $386.66, total interest ≈ $3,199.30.
```

## FAQ

### How is the monthly payment calculated?

It uses the standard amortization formula: P × r / (1 − (1 + r)⁻ⁿ), where r is the monthly interest rate and n is the number of monthly payments.

### What does an extra payment do?

Every extra dollar goes directly to the principal, so you pay less interest and finish the loan early. The calculator shows your new total and how many payments you save.

### Does this include fees or taxes?

No. It calculates the pure principal and interest. Closing costs, insurance, and property taxes are separate and vary by lender and location.

## Related tools

- [Compound Interest Calculator](https://uttir.com/compound-interest-calculator) — Project savings growth with compound interest and monthly contributions, year by year.
- [Mortgage Calculator](https://uttir.com/mortgage-calculator) — Estimate monthly mortgage payments, including down payment, property tax, and insurance.
- [Percentage Calculator](https://uttir.com/percentage-calculator) — Three percentage tools in one: percent of a value, ratio as a percent, and percent change.

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For the full HTML page with the live tool, visit https://uttir.com/loan-calculator.
This file is the markdown rendering at https://uttir.com/loan-calculator.md. See https://uttir.com/llms.txt for a site-wide summary.