UlvixorLoan Calculator
Calculate the monthly payment on a loan, the total you'll repay, and the total interest, using the standard amortization system (fixed payment, also known as the French amortization method) — the most common method for personal, mortgage, and auto loans.
How it works
- Enter the total loan amount you want to borrow.
- Enter the annual interest rate (%) offered by the lender.
- Enter the loan term and choose whether to express it in months or years.
- The calculator applies the standard amortization formula and shows the monthly payment, total amount repaid, and total interest.
Use cases
- Comparing loan offers from different banks before deciding.
- Estimating the monthly payment on a mortgage or auto loan.
- Calculating how much extra interest you'd pay by extending the loan term.
- Planning your monthly budget before applying for a personal loan.
Use cases
- Comparing loan offers from different banks before deciding.
- Estimating the monthly payment on a mortgage or auto loan.
- Calculating how much extra interest you'd pay by extending the loan term.
- Planning your monthly budget before applying for a personal loan.
Common mistakes
- Using the annual interest rate directly in the monthly payment formula, without converting it to a monthly rate.The payment is calculated with the monthly rate (annual rate / 12 / 100), not the full annual rate. The calculator does that conversion automatically when you enter only the annual rate.
- Mixing up the term field's units, for example entering 30 thinking it's months when it's actually years (or vice versa).Check the unit selector (months or years) before calculating; the tool converts the term to the exact number of monthly payments based on what you choose.
- Assuming the calculated monthly payment includes insurance, fees, or other bank charges.The calculation only considers principal and interest based on the rate you enter. Check with your lender about additional charges that may be added to your actual payment.
Frequently asked questions
It uses the standard fixed-payment amortization formula: M = P × r(1+r)^n / ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate (annual rate / 12 / 100), and n is the total number of payments.
Yes, this calculation assumes a fixed-payment system (French amortization), where the payment amount stays the same, even though the split between principal and interest changes with each payment.
If the rate is 0%, the monthly payment is simply the loan amount divided by the total number of payments, with no added interest.
No. The calculation only considers principal and interest based on the rate you enter. Check with your lender about fees, insurance, or other charges that may apply to your actual loan.
Alternatives
In Excel or Google Sheets, the PMT function calculates the payment using the same French amortization formula, and many banks publish their own loan calculator on their website. This tool is handy for quickly comparing several offers without building a spreadsheet or filling out a form on each bank's site.