Free Loan Calculator - Calculate Monthly Payments & Interest

Our free loan calculator helps you estimate monthly payments, total interest, and full repayment schedules. Understand the true cost of any loan before borrowing.

What Is This Tool?

A loan calculator takes your loan amount, interest rate, and term to calculate monthly payments and total interest. The PMT formula in Google Sheets powers this calculation.

Formula: =PMT(rate/12, term*12, -loan_amount) calculates monthly payment. =CUMIPMT calculates total interest over the loan term.

How to Use

Enter Loan Amount

Input the total loan amount you plan to borrow. This is the principal.

Enter the Annual Interest Rate

Input the annual percentage rate (APR). The calculator converts it to a monthly rate automatically.

💡 Check with your lender for the exact APR including fees.

Set the Loan Term

Enter the loan term in years (e.g., 30 for a mortgage, 5 for a car loan).

See Your Monthly Payment

The monthly payment is calculated automatically. The amortization table shows each payment split between principal and interest.

Benefits

✓Instant monthly payment calculation

✓Full amortization schedule (every payment)

✓See total interest paid over the loan term

✓Compare different loan scenarios side by side

✓Plan your budget with accurate payment estimates

Frequently Asked Questions

What is the PMT formula in Google Sheets?

PMT(rate, number_of_periods, present_value) calculates the payment for a loan based on constant payments and a constant interest rate.

Can I calculate extra payments?

Yes. The template allows you to add extra principal payments to see how much interest you save.

Does this work for mortgages?

Yes. Enter your mortgage amount, rate, and term to see full amortization.

Related Templates

Budget Template Debt Payoff Tracker Personal Finance Tracker