Loan Calculator
Calculate monthly payments, total interest, and see a full amortization schedule.
📊 Amortization Schedule
| # | Date | Payment | Principal | Interest | Balance |
|---|
Free Loan Payment Calculator
The Toolts Loan Calculator computes your monthly payment, total interest paid, and total cost of a loan. Enter the loan amount, annual interest rate, and term in years to see instant results. Click "Amortization Schedule" to see a month-by-month breakdown showing how each payment is split between principal and interest.
How Loan Payments Are Calculated
This calculator uses the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n – 1], where M is the monthly payment, P is the principal, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of payments. Early payments go mostly toward interest, while later payments go mostly toward principal.
Tips for Borrowers
Even small differences in interest rates significantly affect total cost. A $25,000 loan at 6.5% over 5 years costs $4,348 in interest, but at 8% the interest jumps to $5,666 — over $1,300 more. Making extra payments toward principal can dramatically reduce both the loan term and total interest paid.