Loan Payment and Interest Calculator

Estimate monthly loan payments, total interest, payoff date, amortization, and how extra payments may change the payoff timeline.

Free online calculatorInstant estimateNo account required

Loan Details

Results

Monthly Payment$0
Total Interest$0
Total Paid$0
Payoff Date—
Interest Saved$0
Time Saved—
Principal
Interest

Enter your loan details and click calculate.

Yearly Amortization

Year Starting Balance Principal Paid Interest Paid Ending Balance
loan payment calculator with amortization guide

How to use this loan payment and interest calculator

Use this calculator for fixed-rate loans such as personal loans, installment loans, auto loans, or other simple amortizing debts. It helps you see the difference between monthly payment and total cost.

Steps

  1. Enter the loan amount, interest rate, and loan term.
  2. Choose years or months for the term.
  3. Add an optional extra monthly payment.
  4. Review payment, total interest, payoff date, and the amortization schedule.

Calculation method

The calculator uses the fixed-rate amortization payment formula and then builds a yearly schedule showing interest, principal, and ending balance.

Example scenario

A $10,000 loan at 8% for five years has a lower payment than a three-year loan, but the five-year term usually costs more total interest.

Tips for a better estimate

  • Use APR if fees are built into the rate.
  • Try extra payments to see interest saved.
  • Compare loan offers by total cost, not just monthly payment.

Loan Payment and Interest Calculator FAQ

What types of loans can I estimate?

This works best for fixed-rate amortizing loans with equal monthly payments.

Does this include loan fees?

Only if you include fees in the loan amount or rate. Separate fees are not automatically added.

Why does a longer loan cost more?

A longer term keeps the balance outstanding for more months, which usually increases total interest.