Loan Calculator
See the payment, the total interest and the full repayment plan for a personal, car or student loan — and what extra payments would save you.
- Any fixed-rate loan
- Amortization table
- Extra payments
- Private
Nominal annual rate. Interest is charged every payment period.
More options
Paid on top of the regular payment and taken straight off the balance.
Details
How to calculate a loan payment
Amount, rate and term are enough.
- 1
Choose what to solve for
The payment, the amount you can borrow for a given payment, or how long it takes to pay off.
- 2
Enter the loan details
Loan amount, annual interest rate and term in years and months; choose how often you pay.
- 3
Explore the result
Check total interest, try an extra payment and open the amortization schedule to see every year or every payment.
The whole loan, not just the payment
What the lender’s quote does not show at first glance.
Three questions
Solve for the payment, the affordable loan amount or the payoff time.
Extra payments
Add an amount on top of each payment and see the interest and time you save.
Amortization schedule
Principal, interest and remaining balance by year or for every single payment, with CSV export.
Payment frequency
Monthly, every two weeks, weekly, quarterly or yearly payments.
Principal vs. interest
A chart shows how much of what you pay is the loan and how much is its cost.
Link to your calculation
Copy a link that reopens the calculator with your numbers filled in — handy for sharing or saving a scenario.
Made for phones
Large fields, the right keyboard for numbers and a layout that fits small screens.
Private by design
Everything is calculated in your browser. Your numbers are not sent to a server.
How loan payments work
A fixed-rate loan is repaid in equal instalments. Each payment covers the interest for the period first; the rest reduces the balance. The payment is P × r ÷ (1 − (1 + r)⁻ⁿ), where P is the amount borrowed, r the interest rate per period and n the number of payments. For $20,000 at 7 % over 5 years that gives $396.02 a month and $3,761 of interest in total.
Early payments are mostly interest, later ones mostly principal — this is amortization. It is why extra payments at the start save the most: every extra dollar stops accruing interest for the whole remaining term. On the example above, paying $50 more each month clears the loan seven months sooner.
The interest rate is not the same as the APR. The APR also includes fees and is the number to compare between lenders. This calculator uses the nominal rate; to see the effect of fees, add them to the loan amount or compare APRs directly.
How the term changes a 20,000 loan at 7 %
| Term | Monthly payment | Total interest |
|---|---|---|
| 3 years | 617.54 | 2,232 |
| 4 years | 478.92 | 2,988 |
| 5 years | 396.02 | 3,761 |
| 6 years | 340.98 | 4,551 |
| 7 years | 301.85 | 5,356 |
Tips
- Buying a home? The Mortgage Calculator adds property tax, insurance and down payment.
- See what the same money would earn if invested instead with the Interest Calculator.
- Check what payment fits your budget after tax with the Take Home Pay Calculator.
- A longer term lowers the payment but raises the total cost. Choose the shortest term whose payment you can comfortably afford.
Frequently asked questions
Can’t find your answer? Contact us — we reply quickly.
How is a monthly loan payment calculated?
With the annuity formula: payment = P × r ÷ (1 − (1 + r)⁻ⁿ), where r is the yearly rate divided by 12 and n the number of months. The calculator does this for any payment frequency.
How much interest will I pay in total?
Total interest is the sum of all payments minus the amount borrowed. It grows with the rate and, above all, with the term: the same loan over seven years costs far more than over three.
What happens if I make extra payments?
Extra payments go straight to the balance, so less interest accrues afterwards and the loan ends sooner. Check that your loan has no prepayment penalty first.
What is an amortization schedule?
A table that lists every payment with its interest part, its principal part and the balance that remains. It shows exactly how the debt shrinks over time.
What is the difference between interest rate and APR?
The interest rate is the cost of borrowing the principal. The APR adds mandatory fees and expresses the total yearly cost, which makes offers comparable.
Are my numbers stored or sent anywhere?
No. The calculation runs in your browser. Your last inputs are remembered on your own device only, so the form is still filled in when you come back; use Reset to clear them.
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