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Loan Calculator

Estimate monthly payments, total interest, and payoff date for any loan.

Annual rate charged on the loan.

Extra amount paid toward principal each month to pay off the loan faster.

Monthly payment
$506.91
Total interest
$5,414.59
Total paid
$30,414.59
Payoff date
July 2031
Amortization schedule

All calculations run privately in your browser. Your financial details are never uploaded.

About the Loan Calculator

This loan calculator turns a loan amount, interest rate (APR), and term into a clear monthly payment, the total interest you'll pay, the total cost, and the month your loan is paid off. Add an optional extra monthly payment to see how much interest you save and how many months you shave off the term. A collapsible year-by-year amortization schedule shows how each year splits between principal and interest. It all runs in your browser, so your financial details stay private.

Loan Calculator features

  • 01

    Extra payments that pay off

    Add any extra amount to your monthly payment and instantly see the shorter term, earlier payoff date, and interest saved.

  • 02

    Full amortization schedule

    Expand the collapsible table for a year-by-year rollup of principal paid, interest paid, and remaining balance.

  • 03

    Live and currency-aware

    Every number recalculates as you type, formatted in your chosen currency for USD, EUR, GBP, and more.

Loan Calculator FAQ

How is my monthly loan payment calculated?
It uses the standard amortization formula: payment = P × i ÷ (1 − (1 + i)^−n), where P is the loan amount, i is the monthly interest rate (APR ÷ 12), and n is the number of months. The calculator does this instantly for you.
How much interest will I pay over the life of the loan?
Total interest is the sum of all payments minus the amount you borrowed. The calculator shows this as "total interest" and updates it whenever you change the rate, term, or extra payment.
How do extra payments affect my loan?
Extra monthly payments go straight to principal, so they shorten the term and cut total interest. Enter an extra amount and watch the payoff date move earlier and the total interest drop.
What is an amortization schedule?
It's a table showing how each period's payment is split between interest and principal and how the balance falls over time. This calculator rolls it up by year so it's easy to read.
Does APR include fees?
This calculator treats the rate you enter as the annual interest rate. If your lender's APR bundles in fees, enter that figure for a closer estimate, but always check your official loan documents for exact costs.

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