Loan Calculator
Calculate your monthly loan payment, total interest, and full amortization schedule. Works for personal loans, auto loans, and student loans.
How to Use the Loan Calculator
Enter the loan amount you plan to borrow, the annual interest rate (APR), and the term in years. The calculator updates instantly and shows your monthly payment, the total interest you will pay over the life of the loan, and the total cost. Scroll down to see the full amortization schedule — every monthly payment split into principal and interest.
If you want to see how much you can save by paying extra each month, enter an amount in the "Extra Monthly Payment" field. The calculator shows the new payoff time and how much interest you save compared to the base schedule.
Loan Payment Formula
The monthly payment on a fixed-rate loan is calculated using the standard amortization formula:
M = P × [ r(1 + r)^n ] / [ (1 + r)^n − 1 ]
- M = monthly payment
- P = principal (loan amount)
- r = monthly interest rate (APR ÷ 12 ÷ 100)
- n = total number of payments (years × 12)
Common Uses
- Personal loans — compare offers from different lenders by total interest cost, not just monthly payment.
- Auto loans — see how much a shorter term saves in interest even though the monthly payment is higher.
- Student loans — model repayment terms from 5 to 20 years.
- Debt consolidation — check whether a new loan at a lower rate actually saves money.