Tell this loan calculator how much you want to borrow, the interest rate and how long you want to repay it, and it shows the monthly payment, the total interest, the payoff date and the full amortization schedule — for a personal loan, a car loan, a student loan or the principal-and-interest part of a mortgage. Add an extra monthly payment and it shows, side by side, how much sooner the loan ends and how much interest you save. There is no sign-up and nothing to submit — the results update as you type.
The example figures are a $25,000 personal loan — replace them with the offer you are checking.
principal + interest
60 monthly payments
| Year | Paid | Principal | Interest | Balance left |
|---|---|---|---|---|
| 2026 | $1,001.90 | $691.55 | $310.35 | $24,308.45 |
| 2027 | $6,011.38 | $4,335.26 | $1,676.12 | $19,973.18 |
| 2028 | $6,011.38 | $4,671.82 | $1,339.56 | $15,301.36 |
| 2029 | $6,011.38 | $5,034.51 | $976.88 | $10,266.85 |
| 2030 | $6,011.38 | $5,425.35 | $586.04 | $4,841.51 |
| 2031 | $5,009.49 | $4,841.51 | $167.98 | $0.00 |
Show the full month-by-month schedule (60 payments) +
| # | Date | Payment | Principal | Interest | Balance |
|---|---|---|---|---|---|
| 1 | November 2026 | $500.95 | $344.70 | $156.25 | $24,655.30 |
| 2 | December 2026 | $500.95 | $346.85 | $154.10 | $24,308.45 |
| 3 | January 2027 | $500.95 | $349.02 | $151.93 | $23,959.43 |
| 4 | February 2027 | $500.95 | $351.20 | $149.75 | $23,608.22 |
| 5 | March 2027 | $500.95 | $353.40 | $147.55 | $23,254.83 |
| 6 | April 2027 | $500.95 | $355.61 | $145.34 | $22,899.22 |
| 7 | May 2027 | $500.95 | $357.83 | $143.12 | $22,541.39 |
| 8 | June 2027 | $500.95 | $360.07 | $140.88 | $22,181.33 |
| 9 | July 2027 | $500.95 | $362.32 | $138.63 | $21,819.01 |
| 10 | August 2027 | $500.95 | $364.58 | $136.37 | $21,454.43 |
| 11 | September 2027 | $500.95 | $366.86 | $134.09 | $21,087.57 |
| 12 | October 2027 | $500.95 | $369.15 | $131.80 | $20,718.42 |
| 13 | November 2027 | $500.95 | $371.46 | $129.49 | $20,346.96 |
| 14 | December 2027 | $500.95 | $373.78 | $127.17 | $19,973.18 |
| 15 | January 2028 | $500.95 | $376.12 | $124.83 | $19,597.07 |
| 16 | February 2028 | $500.95 | $378.47 | $122.48 | $19,218.60 |
| 17 | March 2028 | $500.95 | $380.83 | $120.12 | $18,837.77 |
| 18 | April 2028 | $500.95 | $383.21 | $117.74 | $18,454.56 |
| 19 | May 2028 | $500.95 | $385.61 | $115.34 | $18,068.95 |
| 20 | June 2028 | $500.95 | $388.02 | $112.93 | $17,680.93 |
| 21 | July 2028 | $500.95 | $390.44 | $110.51 | $17,290.49 |
| 22 | August 2028 | $500.95 | $392.88 | $108.07 | $16,897.60 |
| 23 | September 2028 | $500.95 | $395.34 | $105.61 | $16,502.27 |
| 24 | October 2028 | $500.95 | $397.81 | $103.14 | $16,104.46 |
| 25 | November 2028 | $500.95 | $400.30 | $100.65 | $15,704.16 |
| 26 | December 2028 | $500.95 | $402.80 | $98.15 | $15,301.36 |
| 27 | January 2029 | $500.95 | $405.32 | $95.63 | $14,896.05 |
| 28 | February 2029 | $500.95 | $407.85 | $93.10 | $14,488.20 |
| 29 | March 2029 | $500.95 | $410.40 | $90.55 | $14,077.80 |
| 30 | April 2029 | $500.95 | $412.96 | $87.99 | $13,664.84 |
| 31 | May 2029 | $500.95 | $415.54 | $85.41 | $13,249.30 |
| 32 | June 2029 | $500.95 | $418.14 | $82.81 | $12,831.15 |
| 33 | July 2029 | $500.95 | $420.75 | $80.19 | $12,410.40 |
| 34 | August 2029 | $500.95 | $423.38 | $77.57 | $11,987.02 |
| 35 | September 2029 | $500.95 | $426.03 | $74.92 | $11,560.99 |
| 36 | October 2029 | $500.95 | $428.69 | $72.26 | $11,132.29 |
| 37 | November 2029 | $500.95 | $431.37 | $69.58 | $10,700.92 |
| 38 | December 2029 | $500.95 | $434.07 | $66.88 | $10,266.85 |
| 39 | January 2030 | $500.95 | $436.78 | $64.17 | $9,830.07 |
| 40 | February 2030 | $500.95 | $439.51 | $61.44 | $9,390.56 |
| 41 | March 2030 | $500.95 | $442.26 | $58.69 | $8,948.31 |
| 42 | April 2030 | $500.95 | $445.02 | $55.93 | $8,503.28 |
| 43 | May 2030 | $500.95 | $447.80 | $53.15 | $8,055.48 |
| 44 | June 2030 | $500.95 | $450.60 | $50.35 | $7,604.88 |
| 45 | July 2030 | $500.95 | $453.42 | $47.53 | $7,151.46 |
| 46 | August 2030 | $500.95 | $456.25 | $44.70 | $6,695.21 |
| 47 | September 2030 | $500.95 | $459.10 | $41.85 | $6,236.10 |
| 48 | October 2030 | $500.95 | $461.97 | $38.98 | $5,774.13 |
| 49 | November 2030 | $500.95 | $464.86 | $36.09 | $5,309.27 |
| 50 | December 2030 | $500.95 | $467.77 | $33.18 | $4,841.51 |
| 51 | January 2031 | $500.95 | $470.69 | $30.26 | $4,370.82 |
| 52 | February 2031 | $500.95 | $473.63 | $27.32 | $3,897.18 |
| 53 | March 2031 | $500.95 | $476.59 | $24.36 | $3,420.59 |
| 54 | April 2031 | $500.95 | $479.57 | $21.38 | $2,941.02 |
| 55 | May 2031 | $500.95 | $482.57 | $18.38 | $2,458.46 |
| 56 | June 2031 | $500.95 | $485.58 | $15.37 | $1,972.87 |
| 57 | July 2031 | $500.95 | $488.62 | $12.33 | $1,484.25 |
| 58 | August 2031 | $500.95 | $491.67 | $9.28 | $992.58 |
| 59 | September 2031 | $500.95 | $494.75 | $6.20 | $497.84 |
| 60 | October 2031 | $500.95 | $497.84 | $3.11 | $0.00 |
How the estimate works: the payment comes from the standard amortization formula (see below), then each month interest is charged on the balance that is left and the rest of the payment reduces the principal. Extra payments go entirely to principal, so the monthly payment stays the same and the loan ends sooner. Estimates assume a fixed rate, no fees, no late charges and payments made on the same date each month — a real lender quote will differ slightly.
How to use this calculator
- Pick a loan type at the top — the preset loads example figures and the right notes for that kind of loan.
- Replace the amount, interest rate and term with the figures from the offer in front of you (or the loan you already have).
- Read the four headline numbers: monthly payment, total interest, total cost and payoff date.
- Try an extra monthly payment — even $25 or $50 — and watch the interest you save and the months you cut.
- Open the full schedule to see exactly where every payment goes, month by month.
How a monthly loan payment is calculated
Lenders use one standard formula for fixed-rate loans:
Monthly payment = P × r(1 + r)n ÷ ((1 + r)n− 1)
P is the amount you borrow. r is the monthly interest rate — the annual rate divided by 12, so a 7.5% loan has an r of 0.00625. n is the number of monthly payments, so a 5-year term is 60. The formula is built so that one fixed payment, repeated n times, exactly clears the loan: in the first months it is mostly interest, because the balance is large, and by the end it is almost all principal.
What amortization means
Amortization is simply the plan for paying a loan down to zero in equal instalments. The amortization schedule is that plan written out: every payment dated, split between interest and principal, with the remaining balance. It answers the questions a headline payment never does — how much of your money is buying back your balance, how much is the price of borrowing, and what one extra payment a month actually changes. If a lender quote ever looks confusing, ask for its schedule and compare it with the one this calculator builds.
A worked example
Borrow $25,000 at 7.5% over 5 years (60 monthly payments) and the formula gives a payment of $500.95 a month. Over the full term you hand back $30,056.92, of which $5,056.92 is interest — the real cost of the loan on top of the $25,000 itself. Now add just $50 extra a month: the payment stays the same size on paper, but the loan clears in 54 months instead of 60, and the interest falls to $4,492.51 — a saving of $564.42 for an extra amount smaller than a typical streaming bundle. That is the comparison worth running on any loan you are offered.
Loan calculator vs mortgage calculator
The maths underneath is identical — a mortgage is a loan with a very long term. The difference is what sits on top of the payment. A dedicated mortgage calculator adds property tax, homeowners insurance and PMI estimates to the principal and interest, because those are collected with most US mortgage payments. This calculator gives you the principal-and-interest figure for any loan, including a mortgage (use the Mortgage preset), which is the right number for comparing rates and terms — just remember the amount that leaves your account each month for a home loan will be higher once tax and insurance are added.
Before you sign: a loan-offer checklist
- Compare APR, not just the interest rate — APR folds in most lender fees.
- Run every offer through the calculator at the same term, so the total interest figures are honestly comparable.
- Ask about origination fees, late fees and any prepayment penalty for paying extra or finishing early.
- Check the total cost of the loan, not only the monthly payment — a longer term lowers the payment but usually raises the total interest a lot.
- Make sure the payment fits your budget with room to spare; our budgeting guides show how to test that before you borrow.
More calculators & tools
Already carrying several debts at once? The Debt Payoff Calculator compares the snowball and avalanche methods across all of them together — and our guide to debt snowball vs avalanche explains how to choose. Checking what a salary really pays? Use the Paycheck Calculator. All three tools live on the calculators hub, and if you prefer working in a spreadsheet, the loan calculator & amortization spreadsheet in our free resources does the same job as a download you can keep.
This calculator provides estimates for general education only and is not financial, legal, or tax advice. Results use the figures you enter and standard amortization maths; real lender quotes include fees and may round differently, so treat the output as a comparison tool, not an offer. For advice about your own situation, talk to a qualified professional.
Frequently Asked Questions
How is a monthly loan payment calculated?+
With the standard amortization formula: M = P × r(1 + r)^n ÷ ((1 + r)^n − 1), where P is the amount borrowed, r is the monthly interest rate (the annual rate divided by 12) and n is the number of monthly payments. The formula sets one fixed payment that covers each month's interest and chips away at the balance so the loan reaches exactly zero on the final payment.
What is an amortization schedule?+
It is the full repayment table for a loan: every payment, split into the part that pays interest and the part that reduces your balance, with the balance left after each month. Early payments are mostly interest because the balance is at its biggest; by the last year almost everything you pay is principal. The schedule above shows a year-by-year summary and expands to every single month.
Do extra payments lower my monthly payment or shorten the loan?+
On most fixed-rate loans, extra payments shorten the loan — your required monthly payment stays the same, but more of each payment goes to principal, so the balance reaches zero sooner and you pay less interest overall. The payment only drops if the lender recalculates it, which is called recasting and is most common with mortgages. Always check your loan has no prepayment penalty before sending extra money.
What is the difference between the interest rate and APR?+
The interest rate is the cost of borrowing the money itself, expressed as a yearly percentage. APR (annual percentage rate) wraps that rate together with most lender fees — origination fees, closing costs and similar charges — into one yearly figure. That is why APR is usually the better number for comparing two loan offers, and it is also why this calculator's result, which uses the rate you enter and no fees, is an estimate rather than a quote.
Can I use this calculator for a mortgage?+
Yes, for the principal-and-interest part of the payment — choose the Mortgage preset and enter the amount you are financing, the rate and the term. A real mortgage payment is higher because it usually also includes property taxes, homeowners insurance and, on smaller deposits, private mortgage insurance (PMI). For comparing mortgage offers side by side, also weigh the closing costs each lender charges.
Does this calculator store or send my data?+
No. The calculator runs entirely in your browser. Nothing you type is sent to a server, saved, or shared — refresh the page and it is gone.