Loan Calculator
Estimate monthly payments, total interest and full amortization for any loan term and rate.
Cost breakdown
Balance over time
What if you paid more?
Compare your scenario against an extra contribution every month. Numbers update live.
Amortization schedule
| # | Date | Payment | Principal | Interest | Balance |
|---|
Educational estimate only. Actual loan terms vary by lender, taxes, insurance and fees.
How to use
- Enter the loan amount you want to borrow.
- Set the annual interest rate and loan term in years.
- Choose whether to include extra monthly payments.
- Review the monthly payment summary, total interest, and total cost.
- Open the amortization schedule to see how each payment splits between interest and principal.
Frequently asked questions
What kind of loans does this work for?
Any fixed-rate amortizing loan, including mortgages, auto loans, and personal loans. It does not model variable-rate or interest-only products, which need different math.
How is the monthly payment calculated?
Using the standard amortization formula: P = L × r / (1 - (1 + r)-n), where L is loan amount, r is the monthly rate, and n is the total number of monthly payments.
How much do extra payments save?
Even small extra payments toward principal can shave years off the loan and thousands off the total interest, because they reduce the balance that future interest is calculated on. The calculator shows the savings exactly.
Does this include taxes, insurance, or fees?
No, it shows pure principal and interest. For mortgages, add property tax and homeowners insurance separately to get the full monthly housing cost.
Advertisement