This calculator provides estimates for informational purposes only and does not constitute financial, legal, or tax advice. Actual loan terms, interest rates, and payments depend on your credit profile, the specific lender, and additional fees not reflected here. Always consult a licensed financial professional or your lender before making borrowing decisions.
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Loan Calculator
Enter your loan amount, interest rate, and term to see your estimated monthly payment, total interest, and a full month-by-month amortization schedule — calculated instantly in your browser. Add an optional extra monthly payment to see how much faster you could pay off the loan and how much interest you'd save.
How it works
This calculator uses the standard amortizing-loan formula: monthly payment = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1], where P is the loan amount, r is the monthly interest rate (your annual rate divided by 12), and n is the number of monthly payments. If your interest rate is 0%, the formula simplifies to the loan amount divided evenly across the term. Any extra monthly payment you enter goes straight toward the principal, which is why it shortens the payoff time and reduces total interest — the schedule is calculated month by month rather than with a single formula, since the payoff length itself changes once extra payments are involved.
Worked example
For a $20,000 loan at 6.5% annual interest over 5 years (60 months), the monthly payment works out to about $391.32, for a total cost of roughly $23,479 — about $3,479 in interest over the life of the loan. Adding an extra $50 a month would pay the loan off about 7 months early and save roughly $468 in interest.