Loan payment calculator

Enter a loan amount, an annual interest rate and a term, and the loan calculator shows:

• your monthly payment (principal and interest),
• the total of all payments over the life of the loan,
• the total interest you pay,
• a yearly or monthly amortization schedule with interest, principal and remaining balance.

It works for personal loans, debt consolidation loans, student loans with a fixed rate and any other loan repaid in equal monthly installments. For home and car loans, the mortgage calculator and auto loan calculator add the down payment and loan-to-value. Open Extra payments to add a monthly, yearly or one-time extra amount and see the interest you save. All math runs in your browser; nothing is uploaded, and the inputs are saved in the link.

Fixed-rate installment loans use the standard amortization formula:

M = P × r × (1 + r)^n / ((1 + r)^n − 1)

• M = monthly payment
• P = loan amount (principal)
• r = monthly interest rate = annual rate / 12 / 100
• n = number of monthly payments

Example: $25,000 at 12% for 5 years (60 months).

1. r = 12 / 12 / 100 = 0.01
2. (1.01)^60 ≈ 1.8167
3. M = 25,000 × 0.01 × 1.8167 / 0.8167 ≈ $556.11 per month
4. Total paid: 556.11 × 60 ≈ $33,367, of which about $8,367 is interest.

In month one, interest is 25,000 × 0.01 = $250, so only about $306 goes toward principal. As the balance falls, more of each payment pays down the loan.

A longer term lowers the monthly payment but raises the total interest. Here is the same $25,000 loan at 12%:

Term	Monthly payment	Total interest
3 years	$830.36	$4,893
5 years	$556.11	$8,367
7 years	$441.32	$12,071

Choose the shortest term whose payment you can comfortably afford. If the loan allows prepayment without a penalty, extra payments toward principal cut the total interest further.

Enter the loan's interest rate to get the payment. When you compare offers, look at the APR (annual percentage rate) too. Under the federal Truth in Lending Act, lenders must disclose the APR, which reflects the yearly cost of credit including certain fees such as origination fees. Two loans with the same interest rate can have different APRs if one charges higher fees.

Keep in mind:

• This calculator assumes a fixed rate for the whole term. Variable-rate loans can change.
• Late fees, insurance and other charges are not included.
• Your actual rate depends on your credit, income and the lender.

This calculator is for information only and is not financial advice.

Small changes can cut the total interest noticeably:

• Pay extra toward principal. Even $50 a month on top of the scheduled payment shortens the loan, because every extra dollar reduces the balance that earns interest. Ask the lender to apply it to principal.
• Make biweekly half payments if your lender allows it. That adds up to 13 full payments a year instead of 12.
• Refinance if rates drop or your credit improves, but compare the new APR and fees with what you would save.
• Avoid skipping payments. Interest keeps building on the unpaid balance.

Check the loan agreement for prepayment penalties before paying extra. Use the yearly schedule above to see how much of each year's payments goes to interest.