Loan Payment Calculator USA - Mortgage, Auto & Personal Loans
Calculate monthly loan payments, APR, total interest, and amortization schedules for US mortgages, auto loans, and personal loans. Compare rates and save thousands on your next loan with our free calculator.
How to Use Our Loan Payment Calculator | Calculate Loan Interest & Repayment
Our comprehensive loan calculator helps you understand your complete loan structure, calculate total interest payments, and view detailed amortization schedule. Whether you need a personal loan calculator, home loan calculator, or car loan calculator - get instant accurate results.
Types of Loans You Can Calculate
- Mortgage Calculator: Calculate monthly payments for home loans, refinancing, and FHA/VA loans
- Auto Loan Calculator: Calculate car loan payments, compare dealer financing vs bank rates
- Personal Loan Calculator: Calculate unsecured loan payments for debt consolidation or major purchases
- Student Loan Calculator: Calculate federal and private student loan payments
Frequently Asked Questions About Loan Calculator
❓ How do I calculate my monthly loan payment?
To calculate your monthly loan payment, enter your loan amount, annual percentage rate (APR), and loan term in months. Our calculator uses the standard amortization formula: Payment = P × [r(1+r)^n]/[(1+r)^n-1], where P is principal, r is monthly interest rate, and n is number of payments.
❓ What's the difference between interest rate and APR?
Interest rate is the cost of borrowing the principal loan amount. APR (Annual Percentage Rate) includes the interest rate plus other costs like origination fees, closing costs, and insurance. APR gives you the true cost of your loan and is better for comparing different loan offers.
❓ How much can I borrow based on my income?
Most US lenders follow the 28/36 rule: your monthly mortgage payment shouldn't exceed 28% of gross monthly income, and total debt payments shouldn't exceed 36%. For a $5,000 monthly income, you could afford a $1,400 mortgage payment or $1,800 in total debt payments.
❓ Should I choose a 15-year or 30-year mortgage?
A 15-year mortgage has higher monthly payments but saves thousands in interest and builds equity faster. A 30-year mortgage has lower monthly payments but costs more in total interest. Use our calculator to compare both options and see total interest savings.