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Loan Calculator

The monthly payment for any loan, what it costs in interest, and a payment-by-payment schedule you can download.

Runs in your browser · No uploads

– Monthly payment
  • Nothing leaves your device
  • No server-imposed size limits
  • No sign-up, no watermark
  • Free

How to use the loan calculator

  1. Enter the loan amount, the yearly interest rate and how long the loan runs.
  2. Add an extra monthly payment if you plan to pay it off faster.
  3. Read the payment and totals, and switch the schedule between years and months.

How the monthly payment is worked out

A fixed-rate loan is paid back in equal monthly payments. Each payment first covers the interest on what you still owe, and the rest pays down the loan, so early payments are mostly interest and later ones mostly principal.

The payment is P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the amount borrowed, r the monthly rate (the yearly rate ÷ 12) and n the number of payments. Payments are rounded to the cent, and the last one settles exactly what is left.

Why extra payments save so much

Anything you pay on top of the regular payment goes straight to the principal. That lowers the interest on every later payment, so the loan ends sooner and costs less. The results show both the interest saved and how many payments sooner it is paid off.

Frequently asked questions

Does this include fees, insurance or taxes?

No. It shows the loan itself: principal and interest. Add any fees, insurance or property taxes your lender charges on top.

What if my lender uses a different method?

Most car loans, personal loans and mortgages use this standard method. Some lenders compound interest daily or round differently, so their figures can differ by a few cents.

Is anything sent anywhere?

No. The calculation happens in your browser, and your loan details never leaves your device.

Guides for this tool