Loan Calculator
Calculate monthly loan payments, total interest, and a full amortization schedule. Model extra payments to see payoff acceleration and interest savings.
Last updated: 2026-03-03
Loan calculator
Enter loan details
Enter your loan amount, APR, term, and optional extra payment.
Monthly Payment
--
Fixed monthly payment based on your loan terms.
Fill in the inputs and click Calculate to generate payments and amortization details.
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Example scenarios
Apply a preset to test realistic borrowing situations instantly.
Auto Loan
$25,000 at 6.5% for 60 months
Typical 5-year auto loan scenario using the page defaults.
Result: $489.15/mo, $4,349.22 interest
Personal Loan
$10,000 at 9% for 36 months
Debt consolidation example with a common 3-year term.
Result: $318.00/mo, $1,447.90 interest
Extra Payment Impact
$25,000 at 6.5% + $100 extra
Same auto loan with extra principal to shorten payoff.
Result: Pays off in 49 months, saves $865.44 in interest
How Loan Amortization Works
A loan amortization calculator breaks your fixed monthly payment into two components: interest and principal. Understanding this split is essential for evaluating the true cost of borrowing and deciding whether to make extra payments. Whether you have an auto loan, personal loan, or student loan, the underlying math is the same.
How Each Payment is Split
At the start of a loan, your balance is at its highest, so a larger share of each payment covers interest. As months pass and your balance decreases, the interest portion shrinks and more of your payment goes toward reducing principal. This gradual shift is why early payments feel like they barely move the balance — and why the last few years of a loan pay down principal quickly.
The payment formula
M = P[r(1+r)^n] / [(1+r)^n - 1]
Where P is the loan amount, r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments. This formula produces a fixed payment that fully pays off the loan by the end of the term.
What Drives Your Payment Amount
Three factors determine your monthly payment: loan amount, interest rate (APR), and term length. Longer terms lower the monthly payment but increase the total interest you pay over the life of the loan. A higher interest rate increases both monthly cost and total borrowing cost. Even small rate differences compound into significant dollar amounts over multi-year terms.
The Power of Extra Payments
Extra payments go directly toward principal, which reduces the balance that accrues interest in all future months. This creates a compounding savings effect: lower principal means less interest, which means more of your next payment goes to principal, and so on. Even adding $50 or $100 per month to a 5-year auto loan can shorten payoff by several months and save hundreds in interest.
Use this calculator to model different scenarios — compare term lengths, see how rate changes affect total cost, and experiment with extra payment amounts to find the strategy that fits your budget. The full amortization schedule shows exactly how each payment is applied month by month.
Loan calculator FAQs
Common questions about monthly payments, amortization, and extra principal.
How is my monthly loan payment calculated?
Your payment uses the standard amortization formula M = P[r(1+r)^n] / [(1+r)^n - 1]. It sets a fixed payment amount that covers each month’s interest and also reduces principal over time.
What is an amortization schedule?
An amortization schedule is a month-by-month table that shows how each payment splits into interest and principal. It also shows your remaining balance after each payment until it reaches zero.
How do extra payments reduce total interest?
Extra payments go directly toward principal. A lower principal balance means less interest accrues in future months, which compounds your savings and shortens payoff time.
What happens if my interest rate is 0%?
At 0% APR, there is no interest charge, so the monthly payment is simply loan amount divided by term months. The amortization schedule will show zero interest each period.
Should I choose a shorter or longer loan term?
Shorter terms increase monthly payments but reduce total interest paid. Longer terms lower monthly payments but increase total cost over the life of the loan.
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Disclaimer
This calculator is for educational purposes only and does not constitute financial advice. Results are estimates based on fixed-rate, fully amortizing loans with no fees. Actual terms, payments, and total interest can vary by lender policies and loan details. Consult a qualified advisor or lender for personalized information.
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