About MyLoanCalculator

MyLoanCalculator.app is a free United States loan payment calculator for mortgages, auto loans, personal loans, and fixed-rate student loans. It estimates the monthly principal-and-interest payment, total interest if you follow the schedule, and an amortization table. There is no account and no loan application. The math runs in the browser. Default rates are illustrations, not lender quotes.

This site is not a lender, broker, or credit union. It does not pull a credit score, lock an APR, or decide whether you qualify. A 6.75% box on this page is a number you typed. Your actual rate depends on credit, term, loan-to-value, and the institution.

What the calculator actually does

You enter principal (or price minus down payment), APR, and term in months. The standard fully amortizing payment formula finds one monthly amount that pays the loan to zero if every payment is on time and the rate never changes. The amortization table then splits each payment into interest on the remaining balance and principal reduction. Extra principal, if you type it, shortens the table. Taxes and insurance are not in that payment unless you are looking at the PITI explanation and adding them yourself.

A worked example (illustrative)

Take $25,000 borrowed, 5.9% APR, 60 months, no extra principal. Month 1 interest is about 5.9%/12 of $25,000. The rest of the payment reduces principal. By month 36 the interest slice is smaller because the balance is smaller. Total interest over 60 months is several thousand dollars — money you do not recover by “being on time.” Cutting the term to 48 months raises the monthly bill and cuts that interest total. Adding $50 extra principal each month does the same kind of thing without a refinance. Walk that on the calculator and on how amortization works.

What a payment is not

• It is not the cost of a house. PITI adds tax, insurance, and often HOA or PMI.
• It is not the cost of a car. Fuel, insurance, and depreciation sit outside the loan. Use CarAllIn for that picture.
• It is not a 0% marketing APR with deferred interest. This formula assumes a stated APR from day one.
• It is not an adjustable-rate reset. When the rate can change, this schedule is only the current-rate story.

Guides

• How loan amortization works
• What extra principal payments change
• Mortgage PITI vs principal and interest

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