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loan Calculator

Loan Calculator

Try this loan calculator to get an estimation of your monthly loan payments or determine the monthly payments for a simple loan.

To Calculate:


Start Date

Loan Amount

Loan Amount

Loan term


Interest Rate (%)


Pay Back:

Repayment Options: Add Extra Payment

If you want to pay extra payment per instalment, per-yearly or as a single-time payment, then add the values below corresponding to your requirement.

as per instalment:

extra yearly amount occurring in every:

single-time payment in:

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Download Loan Calculator App for Your Mobile, So you can calculate your values in your hand.


The loan calculator helps you to find the total loan amount, interest rate (%), number of payments, and the amount per installment. Also, you can calculate the principal amount by providing the different compound frequencies (weekly, biweekly, monthly, yearly, quarterly). With this loan amount calculator, you not only calculate the loan payments but also able to determine the payoff date, repayment schedule, amortization schedule, and interest rate.

Give a thorough read to this content for better understanding about how to calculate loan manually (step by step calculations), how loan calculator works, types of loan, a formula for the loan payments, and much more!

Let’s begin with the basic definition of the loan.

What is Loan?

A loan is basically the contract between a lender and a borrower, they both have to agree on an agreement. In most cases, the lender adds the interest to the total amount of the loan (principal) which the borrower has to repay with the total amount of the loan.
The loan comes in different forms including secured, unsecured, commercial, and personal loans. Many online personal loan calculators are available for these types of calculations.

Calculator-online provided you with a free car loan calculator that allows you to figure out the car payment over the course of your auto loan.

What is The Loan Payment Formula?

To calculate the loan payment, the formula used is as following,

\[ PV = \frac{PMT}{i} \text{[} 1 – \frac{1}{(1+i)^n} \text{]} \]

Well, now we are going to discuss the basic types of the loan,

Different Types of The Loan:

Basically, there are three types of loans:

  • Amortized loan
  • Deferred payment loan
  • Bond

Amortized Loan: 

In this type of loan, the borrower has to pay the payment periodically. The borrower first has to pay the interest then the loan amount.

Amortization Formula:

The formula for the amortization used for the calculation of the payment per period. We have a short description of the formula as follow,

\[ A = P \times \frac{r(1+r)^n}{(1+r)^n – 1} \]


  • A= Amount of the payment per period
  • P= Total loan amount (the principal)
  • r= rate of interest
  • n= Total periods

For Example:

Amortize 12% loan of $50,000 over 6 instalments?


  • P=$50,000
  • r=12%
  • n=6
  • So,
  • A=50,000((0.12) (1+0.12)^6)/((1+0.12)^6-1)
  • A = 50,000 *0.2437
  • A = $12,185

Deferred Payment Loan:

This type of loan is a single payment of all the dues (interests, total loan amount). In this type of loan, the short term loans are considered.

Deferred Payment Loan Formula:

The formula to calculate the deferred payment is as follows,

\[ E = \frac{Dr(1+r)^{y+Y}}{(1+r)^y-1} \]


  • EYI = Easy yearly Instalments
  • D = Deferred payment
  • r = Rate of interest
  • y = Moratorium period [period of the time in which you don’t pay the Equated Monthly installment (EMI) on loan payment]
  • Y = Duration of payment

For Example:

If the deferred value is $150 and the moratorium period is 3 years and the duration of payment is 18years and the interest ratio is 12% calculate early installment?

\[ E = \frac{150*0.12(1+0.12)^{3+18}}{(1+0.12)^3-1} \]

E = $486


In this type of loan, companies or governments issue the bonds and get the money borrowed and the investors buy them. Then the government or company that issued the bond has to pay back the money to the investor.

Bond Formula:

The formula for calculation of bond is as follows:

\[ B = C*\frac{1}{r}-\frac{(1+r)^{-n}}{r}+\frac{F}{(1+r)^n} \]


  • F = Value of a bond
  • r = Expected amount on bond if it is held till maturity
  • n = number of periods
  • C =Coupon value (The interest payment which the bond holder receives from the issued date till it matures)

For Example:

The value of bond is $20,000 and coupon value is 9% maturing in 18years and rate of interest is 11% calculate the bond price?


  • F = $20,000
  • C = 9% * $20,000 = $1800
  • n = 18
  • r = 11%


\[ B = 1800 \text{[}\frac{1}{0.11}-\frac{(1+0.11)^{-18}}{0.11}+\frac{20000}{(1+0.11)^8} \text{]}\]

B = $5,507,580.80

Basic Terms Used By Online Loan Calculator:

Compound Interest:

The addition of the total amount of the loan(principal) and the interest of the all periods referred as the compound interest. It is also called the interest on interests.Compound loan calculator helps you to find the compound loan and interest.

To find the compound interest the formula used is below,

\[ A = P (1+\frac{r}{n}^{nt})\]


  • P = Total amount of loan
  • r = interest rate
  • n = number of periods
  • t = time

For example:

The total amount of loan is $60,000 interest rate is 7% after 10 years calculate the compounded monthly?


  • P = $60,000
  • r = 7% = 7/100 = 0.07
  • n = 12
  • t = 10


  • A=60,000(1+0.07/12)^(12*10)
  • A = $60,000*1.81
  • A= $108,600

Interest Rate:

Most of the loan calculators based on the rate of interest. Basically, it is the profit or benefit that a lender receives on giving the loan to the person or organization. And the rate which is selected between the lender and the receiver referred as interest rate. You can simply use the Interest payment calculator to compute the interest rate (%) by providing the amount per installment.

How to Calculate Interest On a Loan?

Our rate calculator uses the following formula to calculate interest on a loan:

\[ r = \frac{A-P}{Pt}\]


  • A = Total amount (Principle amount + Interest amount)
  • P = Total amount of loan(Principle)
  • t = Time period

For Example:

If you have total amount of loan is $20,000 and have to pay $3000 interest on this within a period of 3 years, then how to calculate the interest on loan?


  • A=$20,000+$3000 = $23000
  • P=$20,000
  • t=3
  • r=(23,000-20,000)/(20,000*3)
  • r=0.05*100
  • r=5%

Standard Interest Rate For Loan:

Interest rates vary according to the repayment schedule, amount of loan, income source, and the standard of the lender.

For convenience, you can try an online interest rate calculator that helps in calculating interest rate that you need to pay for the repayment of a loan.

Loan Term:

For convenience try an online repayment calculator that helps you to determine your remaining loan amount, monthly installments, and even a complete loan amortization schedule. Loan term referred to a loan that is repaid on a period set in regular payments. Loan term is further categorized into long-term loans, medium-term loans, and short-term loans.

Long-Term Loan:

This type of loan is of more than 4 to 5 years. For car loans, home loans, property, etc., long-term loans are chosen. Both the Equated Monthly Instalments(EMI) and the rate of interest is high because the total amount of loan spread in a long period of time. So, for convenience online interest rate calculator assist you in calculate interest rate.

Medium-Term Loan:

A loan that generally has 2 to 10 years’ maturity referred to as a medium-term loan. If you have to modernize your showroom or office, then a medium-term loan is helpful.

Short-Term Loan:

If the loans are taking for a payback period of 1 to 2 years then short-term loans are useful. Loans of the short time period required for the daily business needs. As the period is short that’s why the interest rate is higher. You can try this online loan repayment calculator that helps to find out the complete repayment amortization schedule and also calculate the interest rate that you have to pay during repayment.

About Loan Payment Calculator:

The loan calculator helps you to calculate:

  • Amount per installments.
  • Loan amount.
  • Interest rate.
  • A number of payments.
  • Amortization schedule.

How to Calculate Loan Payments With Online Loan Rate Calculator?

Loan calculations become very easy with this tool. The loan payment calculator is 100% free, user-friendly, accurate, and efficient. Give detailed calculations according to loan-related terms.

Swipe on!

Calculation for Monthly Loan Payment (Simple Mode):

Firstly, hit the tab” simple” of this monthly loan payment calculator to calculate the monthly payment of your loan.


  • Firstly, you have to select “amount per installment” from the drop-down of this tool.
  • Next, select the currency from the dropdown in which you want to do your calculations.
  • Then, you have to enter the start-up date of the loan.
  • Next, add the total loan amount according to the selected currency.
  • Then, plug in the loan term of the loan, it can be either in years or in months.
  • Next, enter the interest rate (%).
  • Lastly, hit the calculate button.


When you enter in all the above fields the loan calculator will generate:

  • Total amount to be paid.
  • Total interest paid.
  • Interest rate (%).
  • Start date.
  • Estimated payoff date.
  • Loan amount.
  • Amount per installment.
  • Amortization schedule

Calculation for Compound Loan (Advance mode):


Well, the inputs in this tab is the same as in the previous tab of simple mode. But, there are two additional fields in this mode:

  • Compound frequency.
  • Payback period.


In this tab, outputs are the same likely as the simple mode but it based on the entered compound frequency and payback period. So, if you have a problem with the calculations of loan payments (weekly, biweekly, quarterly etc.) then the compound loan calculator helps you to do such calculations.


  • If you want to pay extra payment per installment, per early or in single-time, there is also an option field of “repayment option”.
  • The loan amount, interest rate (%), and a number of payments also calculated by the loan payment calculator.
  • By giving your desired compound frequency and payback period, it not taken changes in the output only changes the amortization schedule.

How to Calculate Loan Payment Manually (Step by Step)? 

The formula used to calculate the loan payment is as follows;

\[ PV = \frac{PMT}{i} \text{[} 1 – \frac{1}{(1+i)^n} \text{]} \]

Quit worrying, the step by step calculation for loan amount is quite easy, let’s we define it with the example:

Read on!


You are going to take a loan at an 8% interest rate and you want to pay $3000 every monthly for 6 years. What is the total amount of loan?


  • PMT = $3,000
  • n = 6 years (6*12) =72months
  • i = 8% = 8/100 = 0.08/12 = 0.0066
  • PV=3,000/0.0066[1-1/(1+0.0066)^72 ]
  • PV=3000/0.0066[1-1/(1.0066)^72 ]
  • PV=3000/0.0066[1-1/1.6058]
  • PV=3000/0.0066[(1.6058-1)/1.6058]
  • PV=454545.45[0.6058/1.6058]
  • PV=454545.45(0.3772)
  • PV=$171454.54

So, the total amount of the loan is $171454.54

What is Amortization Schedule?

A complete table to show loan payments of all the periods, amount of interest, balance inquiry, principal amount, and date of payment.

What is a Formula for The Amortization Schedule?

The formula used for the amortized loan amount and to calculate interest on a loan is as follows;

Principal amount=Total monthly payment – [Outstanding loan balance*(interest rate/12 months)]

How Amortization Works?

Almost all the amortization table contains the same kind of information. Some are explained below;

Balance Owed:

After the interest charges, the remaining total amount shown by the amortization schedule.

Payment Amount:

Your monthly amount of installment shown in this tab. You can try the above installment loan calculator to get the exact monthly amount of installment through the amortization schedule.

Interest Amount:

By multiplying the monthly interest rate with the remaining loan balance is the portion of interest amount.

Principal Amount:

On every installment, how much you paid for the principal amount is referred to as the principal amount of installment. Our loan interest calculator gives details about the preceding information in the amortization table.

Importance of Amortization Schedule:

An Amortization schedule identified the numbers and their changes in repaying the debt. Its main role is to arrange and view the process of paying off the loan. Method of payment is the most important point to be under consideration while dealing with an amortization schedule.

Frequently Ask Questions (FAQ’S):

What is the monthly payment on a $30,000 loan?

Monthly payments are dependent on the rate of interest and the period of the loan. If the interest rate is 4.5% then the monthly payment is $552.50 if the interest rate is 5% then it will be $604.56. For this, you can also use our Monthly payment calculator.

Can I get a 0 interest loan?

As there is no such condition to get interested free loan. But there is also a number of interest-free loans available in the market that simply debt in check.

What is the monthly payment on a $10,000 loan at a 10% interest rate for 4 years?

Enter the inputs in the given fields and click the calculate button. You have to pay $253.63 on monthly basis. You can also use an interest rate calculator to calculate the monthly payments.

How do you calculate monthly payments on a loan in excel?

The calculation for the monthly payments in excel calculated by a formula;

  • =PMT (rate, NPER, PV)
  • PMT=payment of loan.
  • PV =Present value of an investment.
  • NPER=Number of periods of payment.
  • Rate=Interest rate.

How do we calculate the compound interest?

For easiness for the calculation of compound interest, the total amount of loan is multiplied by 1 plus the rate of interest raised every year to the power of the number of periods minus 1.

What happens if you pay off a loan early?

Lender takes most of the benefits from interest and if you pay off your loan early then the lender losing out the interest payments.

What is the easiest loan to get?

A secured loan is the easiest loan.

Wrapping-it up:

No doubt, there are certain reasons to take out a loan including large purchases, debt consolidation, emergency expenses, and much more. Remember that your personal loan reasoning is yours at all, so once you decided or got the loan simply use this simple loan calculator to get a detailed amortization schedule, estimated monthly repayments and different other parameters related to simple loan calculations.


From the source of Wikipedia: Loan and related terms

From the source of wellsfargo: How to Get a Loan

From the source of nytimes: Interest Rates Are Low, but Loans Are Harder to Get. Here’s Why.

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