Loan Calculator
Any amortizing loan: monthly payment, total interest, amortization schedule, and extra payment savings.
Runs in your browser. Nothing is uploaded.
Optional. Goes straight to principal and ends the loan sooner.
- Principal$10,00082%
- Interest$2,16618%
Add $20 a month and you save $243 in interest, finishing 6 months sooner.
A rate of 7.00% instead of 8% would cost $285 less in interest and $4.75 less a month.Half the loan is repaid in year 3; the first year alone costs $739 in interest.
| Year | Principal vs interest | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $1,694 | $739 | $8,306 | |
| 2 | $1,835 | $598 | $6,471 | |
| 3 | $1,987 | $446 | $4,483 | |
| 4 | $2,152 | $281 | $2,331 | |
| 5 | $2,331 | $102 | $0 |
What this loan calculator shows
Enter the amount, the annual interest rate and how long you will take to repay. You get the fixed monthly payment, the total interest over the life of the loan, and a schedule that splits each year into interest and principal. Change any number and everything updates at once.
The formula
Monthly payment = P × r × (1 + r)^n ÷ ((1 + r)^n − 1). P is the principal, r the monthly rate (annual ÷ 12) and n the number of months. The same amortization formula is used for mortgages, car loans, student loans and personal loans, so this page works for all of them.
APR vs interest rate
The rate you enter here should be the nominal annual interest rate. APR also folds in origination fees and some closing costs, so it is usually a little higher. For comparing two loan offers, APR is the better number; for working out your payment, use the interest rate.
Extra payments
Anything paid on top of the required amount reduces the balance immediately, so you pay less interest in every following month and finish early. The extra payment field shows how many months and how much interest you save. Check that your loan has no prepayment penalty.
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