💰 Loan Calculator
Calculate your loan payments, view total interest, and see the full amortization schedule. Supports multiple currencies.
📝 Loan Details
📐 How Loan Payments Work
Monthly Payment Formula:
M = P × [r(1+r)^n] / [(1+r)^n - 1]
- M = Monthly payment
- P = Principal (loan amount)
- r = Monthly interest rate (annual rate ÷ 12)
- n = Number of payments (years × 12)
❓ Frequently Asked Questions
What currencies are supported?
We support GBP (£), USD ($), EUR (€), AUD, CAD, INR, JPY, and CNY. The calculator works the same for all currencies.
What is an amortization schedule?
An amortization schedule shows how each payment is split between principal and interest over the life of the loan. Early payments have more interest, later payments have more principal.
Why do I pay more interest at the start?
Interest is calculated on the remaining balance. Early in the loan, the balance is high, so interest charges are higher. As you pay down principal, interest charges decrease.
Can I pay off my loan early?
Most loans allow early payoff. Extra payments go directly to principal, reducing total interest paid. Check if your loan has prepayment penalties.