Calculate Your Loan Payment – Principal & Interest or Interest Only
Use our Basic Loan Calculator to estimate your monthly payment for any type of loan. Enter your loan amount, interest rate, and term. You can choose between a standard (principal + interest) loan or an interest-only payment option for flexible scenarios.
How to Use the Loan Payment Calculator
- Enter the loan amount
- Adjust your interest rate
- Select Loan Term
- Select your payment type:
- Principal & Interest: Standard payment, reduces balance each month
- Interest Only: Lower monthly payments, but principal does not decrease during the interest only period
Looking for a Calculator That Fits Your Scenario?
Not every loan is the same. Whether you’re buying a home, refinancing, or looking for down payment assistance, we have a calculator for you.
- Mortgage Payment Calculator – Compare Conventional, FHA, and VA loans side by side
- VA Loan Calculator – Estimate your payment and VA funding fee, with $0 down options for eligible veterans.
- FHA Loan Calculator – See your payment with a low down payment and FHA mortgage insurance included.
- Conventional Home Loan Calculator – For standard home loans, including PMI estimates.
- Utah Housing Loan Calculator – Designed for Utah buyers using down payment and closing cost assistance
- Mobile Home Loan Calculator – Specific calculator geared towards buyers purchasing a mobile home.
Frequently Asked Questions About Loan Payments
What’s the difference between standard and interest-only payments?
Standard (principal + interest) payments reduce your loan balance over time, building equity. Interest-only payments are lower but do not pay down your principal, so you’ll still owe the full loan amount at the end of the interest-only period.
When is an interest-only loan a good option?
Interest-only loans can be useful for short-term situations—such as investment properties, cash flow flexibility, land and construction loans, or plans to pay off/refinance the loan soon. Be aware of the risks if your home’s value doesn’t rise or your financial situation changes.
Does this calculator work for auto, personal, or other loans?
Yes! This tool can be used for mortgages, auto loans, personal loans, or any fixed-rate installment loan.