Loan Calculator
Use this free loan calculator for fixed monthly payments, total interest and a complete amortization schedule. Add extra payments to compare interest savings. Everything runs in your browser.
Your loan
Years and months are added together: 2 years and 6 months means 30 payments. Enter numbers without thousands separators. Currency changes the display only; it does not convert amounts.
Fixed nominal annual interest rate, divided by 12; payments at the end of each month. Excludes fees, taxes, insurance and early repayment penalties. Enter the interest rate, not APR or APY.
Payment summary
Enter a loan amount to see the monthly payment and the schedule.
Amortization schedule
The schedule appears once the loan details are valid.
Loan payment calculator and amortization schedule
A loan payment calculator estimates a fixed-rate loan repaid monthly. It calculates the scheduled payment, total interest and the principal and interest in each payment. It can help compare personal loans or the principal-and-interest portion of a car loan or mortgage.
Interest is charged on the remaining balance. Its share generally falls as the balance falls; early payments are not necessarily mostly interest. An extra principal payment reduces future interest and can shorten the term.
The loan amortization schedule lists every monthly payment, the principal repaid, interest charged and ending balance. With extra payments enabled, the monthly extra and any one-time extra reduce principal after the scheduled payment. Compare total interest and the number of payments against the original plan; the balance chart shows when each plan reaches zero.
For principal P, monthly rate r and n payments: payment = P × r ÷ (1 − (1 + r)^−n). Here r is the nominal annual percentage divided by 1,200. At 0%, payment = P ÷ n. APR can include fees and APY reflects compounding; neither should be substituted for the nominal rate. Compare savings growth with the compound interest calculator.
How to use the loan calculator with extra payments
- Choose a currency and enter the amount borrowed, after any down payment. Currency is a display setting, not an exchange-rate conversion.
- Enter the fixed nominal annual interest rate, such as 6.5. Enter 0 for an interest-free loan; do not substitute a fee-inclusive APR.
- Set the term in years and months. The fields are added together, so 2 years and 6 months is 30 payments.
- Optionally enable extra payments. Enter a monthly extra, a one-time extra and its payment month, or both. Read the interest and months saved against the standard plan.
- Results update as you type. Use Calculate payment to jump to the summary. Compare the balance curves and move the month slider to inspect remaining debt; the donut shows total principal versus interest. Switch the amortization schedule between Yearly and Monthly, use Previous/Next for all months, or download the full CSV.
How much can an extra 100 per month save?
Five-year personal loan
$20,000 at 6% over 5 years
386.66 per month. First payment: 100.00 interest and 286.66 principal; balance falls to 19,713.34. Total interest: 3,199.36.
Car loan with extra monthly payments
20,000 at 6% over 5 years, plus 100 each month
486.66 regular monthly outlay, including the 100 extra. Paid off in 47 payments; final payment 58.20. Total interest: 2,444.38, saving 754.98 and 13 months.
Interest-free financing
$15,000 at 0% over 18 months
833.33 per month (rounded), no interest. Extra payments would shorten the term but cannot save interest at 0%.
Standard payments vs extra payments: loan costs
| For the same 20,000 loan at 6% | Standard plan | Extra 100 each month |
|---|---|---|
| Regular monthly outlay | 386.66 | 486.66 |
| Total interest | 3,199.36 | 2,444.38 |
| Total repaid, including extras | 23,199.36 | 22,444.38 |
| Payments until payoff | 60 months | 47 months |
| Final payment | 386.66 | 58.20 |
| Savings versus standard plan | — | 754.98 interest; 13 months |
Frequently asked questions
How is the monthly payment calculated?
The calculator uses payment = P × r ÷ (1 − (1 + r)^−n), where P is principal, r is the nominal annual percentage divided by 1,200 and n is the original number of monthly payments. At 0%, it divides principal by n. It assumes end-of-month payments and excludes fees.
Should I enter the interest rate or APR?
Enter the fixed nominal annual interest rate. APR may include origination fees and other borrowing costs, so using it as the interest rate can misstate the payment. This tool does not calculate APR or APY.
What if I pay extra every month?
Enable extra payments and enter the additional monthly amount. The calculator applies it to principal after each scheduled payment, reduces the final payment when needed, and compares interest and payoff time with the standard plan. Check your lender’s payment allocation and prepayment terms.
How do I read and download the amortization schedule?
Each row shows payment, principal, interest and remaining balance. Extra principal is already included in payment and principal, so do not add it twice. Switch to Monthly and use Previous/Next to see all payments; Download full CSV exports the entire monthly schedule.
Does this work for a mortgage, car loan or student loan?
It estimates fixed-rate, fully amortizing monthly payments. A mortgage estimate covers principal and interest only, excluding taxes and insurance. It does not model variable rates, balloon payments, daily-interest rules or income-driven student loan repayments.
Are my loan details sent anywhere?
The calculation and CSV generation run in your browser. The tool does not upload the loan values or include them in the page URL. Save the CSV only if you want to keep a copy.