Loan Calculator
Monthly payment, total interest, and payoff schedule for any loan.
Calculate the monthly payment, total interest, and full payoff schedule for any fixed-rate loan — personal, auto, or student. Enter the amount, rate, and term to see your payment instantly.
Add an extra monthly payment to see how much interest you save and how much sooner you'll be debt-free. All calculations are private and run in your browser.
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Formula
Monthly payment
M = P · r(1+r)^n / ((1+r)^n − 1)
P = loan amount, r = monthly rate (annual ÷ 12), n = number of monthly payments. At 0% interest, payment = P ÷ n.
How to use the loan calculator
- 1Enter the loan amount and the annual interest rate.
- 2Set the term in years (plus any additional months).
- 3Optionally add an extra monthly payment, then read your monthly payment, total interest, and amortization schedule.
Examples
| Example | Input | Result |
|---|---|---|
| Personal loan | $10,000, 5%, 3 yr | $299.71/mo |
| Auto loan | $30,000, 6%, 5 yr | $579.98/mo |
| Extra $100/mo | $10,000, 5%, 3 yr | paid off early |
How loan payments work
A fixed-rate loan is amortized: you pay the same amount every month, but the split between interest and principal changes over time. Each month's interest is charged on the remaining balance, so early payments are mostly interest and later payments are mostly principal. The standard amortization formula sets the payment so the balance reaches exactly zero on the final scheduled month.
Why extra payments save so much
Because interest is charged on the outstanding balance, anything extra you pay early removes principal that would otherwise accrue interest for years. Even modest extra payments can shave months or years off a loan and cut total interest meaningfully. Use the extra-payment field to compare scenarios — the schedule recalculates and ends early once the balance hits zero.
This calculator provides estimates for educational purposes only and is not financial advice. Your actual loan terms may include fees not modeled here. Consult a licensed lender or financial professional before borrowing.
Frequently asked questions
How is a loan payment calculated?
Fixed-rate loans use the amortization formula M = P · r(1+r)^n / ((1+r)^n − 1), where P is the amount borrowed, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments. At 0% interest the payment is simply the amount divided by the number of months.
What is the monthly payment on a $10,000 loan?
At a 5% annual rate over 3 years (36 months), the monthly payment is about $299.71, for roughly $789 in total interest. Your payment depends on the rate and term — use the calculator above for exact figures.
What is the difference between APR and interest rate?
The interest rate is the cost of borrowing the principal alone. APR (Annual Percentage Rate) also folds in lender fees and certain closing costs, so it's usually slightly higher — and it's the better number to use when comparing loan offers.
How do extra payments reduce a loan?
Extra payments go entirely toward principal, lowering the balance that interest is charged on. This reduces the total interest you pay and shortens the loan term, sometimes by years.
What is a good interest rate for a personal loan?
It depends heavily on your credit score, loan term, and the lender. Borrowers with strong credit often see single-digit rates, while lower scores can mean 20% or more. Always compare APRs, not just interest rates.
What does total interest paid mean?
It's the sum of every interest charge over the life of the loan — the true cost of borrowing on top of repaying the principal. A lower rate, shorter term, or extra payments all reduce it.
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