Loan Calculator: Calculate Monthly Payments & Total Interest (Free)

Whether you’re buying a home, financing a car, or planning a personal loan, understanding your repayment obligations is crucial. A loan calculator helps you estimate monthly payments, total interest, and the full cost of borrowing — before you sign anything.

With the MetisTools free loan calculator, you can crunch the numbers in seconds, right in your browser.

Key Loan Terms to Know

Before using a loan calculator, understand these terms:

Principal — The amount you borrow
Interest Rate — The annual cost of borrowing (APR)
Loan Term — How long you have to repay (months or years)
Monthly Payment — What you pay each month (principal + interest)
Total Interest — The total interest paid over the loan’s life

How to Use Our Loan Calculator

Enter your loan amount (principal)
Set your annual interest rate
Choose your loan term in months or years
Click Calculate to see your monthly payment
View the amortization schedule to see how each payment breaks down

Why Use the MetisTools Loan Calculator

Full amortization schedule — See principal vs. interest for every payment
Extra payment support — Model how additional payments reduce your total interest
Loan comparison — Run multiple scenarios side by side
100% free — No signup, no hidden costs
Private — All calculations happen locally in your browser

Pro Tips for Loan Planning

Compare APRs, not just monthly payments — A lower monthly payment with a longer term often costs more in total
Round up your payments — Even $20 extra per month can save thousands in interest
Check for prepayment penalties — Some loans charge fees for paying off early
Use the 28/36 rule — Housing expenses should be under 28% of gross income; total debt under 36%

Understanding Amortization

With most installment loans, early payments go mostly toward interest. As the loan matures, more of each payment goes to principal. Our calculator’s amortization table lets you see this shift over time — a powerful insight for deciding when to make extra payments.

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