Loan calculator | Calculate Your Monthly Payments
Use our Loan Calculator to determine payments, interest rates, and total costs. Input loan amount, term, and interest rate for quick results. Manage your budget and make informed financial choices.
What Is a Loan Calculator?
Calculate monthly payments, total interest, and amortization schedule for different types of loans.
What Is a Loan Calculator?
A loan calculator works out your fixed monthly payment and total interest from the loan amount, interest rate and term. It uses the standard amortization formula, so you can compare offers before you borrow.
Loan Payment Formula
M = P × [ r(1 + r)ⁿ ] ÷ [ (1 + r)ⁿ − 1 ]
M = monthly payment, P = principal, r = monthly rate (annual ÷ 12), n = months. Example: $20,000 at 7% for 5 years → r ≈ 0.005833, n = 60 → M ≈ $396/month, about $3,761 total interest.
Monthly Payment per $1,000 Borrowed
| Term | 5% APR | 7% APR | 9% APR |
|---|---|---|---|
| 2 years | $43.87 | $44.77 | $45.68 |
| 3 years | $29.97 | $30.88 | $31.80 |
| 5 years | $18.87 | $19.80 | $20.76 |
Principal and interest per $1,000 borrowed at sample fixed APRs. Multiply by your loan amount in thousands.
Understanding Loans
- Principal is the initial borrowed amount
- Interest is the cost of borrowing money
- APR includes both interest rate and fees
- Amortization shows how payments reduce debt
Smart Borrowing Tips
- Compare offers from multiple lenders
- Check your credit score before applying
- Consider making extra payments to reduce interest
- Understand all fees and terms before signing
- Keep an emergency fund for loan payments
Use this tool from your AI agent
Free JSON API and Model Context Protocol (MCP) server. No signup, no API key, CORS open. Designed for Claude, ChatGPT, Cursor, scripts and frontend apps.
curl -X POST https://mate.tools/api/v1/finance-calc.php \
-H "Content-Type: application/json" \
-d '{"mode":"loan","principal":250000,"annual_rate":6.5,"term_months":360}'import urllib.request, json
req = urllib.request.Request(
"https://mate.tools/api/v1/finance-calc.php",
data=json.dumps({"mode":"loan","principal":250000,"annual_rate":6.5,"term_months":360}).encode(),
headers={"Content-Type": "application/json"},
)
with urllib.request.urlopen(req) as r:
print(json.load(r))const r = await fetch("https://mate.tools/api/v1/finance-calc.php", {
method: "POST",
headers: { "Content-Type": "application/json" },
body: JSON.stringify({"mode":"loan","principal":250000,"annual_rate":6.5,"term_months":360}),
});
console.log(await r.json()); Add to claude_desktop_config.json (Claude Desktop), ~/.cursor/mcp.json (Cursor), or any other MCP-compatible client:
{
"mcpServers": {
"mate-tools": {
"command": "npx",
"args": ["-y", "@mate-tools/mcp-server"]
}
}
}