Use our loan payment calculator to instantly estimate your monthly payment, total interest, and full amortization schedule for any loan type. Whether you need a car loan calculator before visiting a dealership, a personal loan calculator to compare lender offers, or a loan amortization calculator to map every payment over the life of your debt — this guide gives you the knowledge and the tool to borrow smarter.
| Year | Principal Paid | Interest Paid | Total Paid | Remaining Balance |
|---|
| Payment # | Date | Payment | Principal | Interest | Balance |
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A loan payment calculator is a free tool that computes your exact monthly payment, total interest, and payoff date based on three inputs: loan amount, annual interest rate, and repayment term. It applies the same fixed-rate amortisation formula used by every bank and regulated lender — no estimates, no approximations.
Our monthly loan payment calculator uses: M = P × [r(1 + r)n] ÷ [(1 + r)n − 1] — where M is your monthly payment, P is the principal, r is the monthly rate (APR ÷ 12), and n is the total number of payments. Example: $25,000 at 7% over 5 years = $495.03/month and $4,701.80 in total interest.
Before applying — find the maximum you can afford. Comparing offers — a 0.5% rate difference on a $30,000 loan costs over $800 extra across 5 years. Already repaying — find the best time to make extra payments. Considering refinancing — compare total interest against closing costs before deciding.
Get your full loan estimate in under 60 seconds. Follow these four steps for any loan type.
Input the amount you are borrowing — not the purchase price. For a home or car, subtract your down payment first before entering the figure into the monthly loan payment calculator.
Always enter the APR your lender quoted — not the base interest rate. APR includes all mandatory fees and gives a true picture of your total borrowing cost.
Run two scenarios — a shorter and a longer term — to see the interest cost difference, which is often thousands of dollars. Bi-weekly payments create one extra payment per year and can save hundreds in interest at no real budget cost.
Click Calculate to see your monthly payment, total interest, payoff date, and complete loan amortization calculator schedule. Use the Extra Payment field to model how additional contributions reduce your term and total interest.
Different loan types carry different rates, terms, and risk profiles. Select the tab that matches your loan for the most accurate defaults, then enter your figures into the loan payment calculator above.
Terms of 15–30 years. Rates range from 6.2%–7.8% (2026). A $300,000 loan at 6.5% over 30 years costs over $382,000 in total interest — the 15-year option saves more than $212,000. Always compare both terms. Use our mortgage calculator for detailed modelling.
Terms of 36–84 months. New car rates: 2.9%–6.5%; used car rates: 7.5%–12%+. A $35,000 loan at 9% APR costs $3,200 more in interest over 72 months vs 48 months. Never accept dealer financing without running both terms first. Use our auto loan calculator.
Unsecured loans with terms of 1–7 years. Rates range from 7% (excellent credit) to 36%+ (poor credit). The difference between a 10% and 28% rate on a $15,000 loan is over $5,400 in extra interest. Always compare at least three lender offers. See our EMI calculator for repayment estimates.
Federal loans carry fixed rates of 6.5%–8.0% (2026) and include income-driven repayment options. Private loans vary from 4%–15% based on creditworthiness but lack federal protections. Use the General Loan tab in our loan payment calculator above to model any student loan scenario accurately.
Amortisation means your fixed monthly payment stays constant, but its split between interest and principal shifts every month. Early payments are mostly interest; final payments are mostly principal. Our loan amortization calculator generates the complete payment-by-payment breakdown for your specific loan instantly.
| Payment # | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $396.02 | $279.35 | $116.67 | $19,720.65 |
| 12 | $396.02 | $287.62 | $108.40 | $13,334.74 |
| 24 | $396.02 | $301.22 | $94.80 | $7,512.33 |
| 60 | $396.02 | $393.72 | $2.30 | $0.00 |
Payment 1 carries $116.67 in interest; Payment 60 carries just $2.30. This is why extra payments made early eliminate far more cost than the same payment made later.
It shows your true borrowing cost. A $300,000 mortgage at 6.5% over 30 years has a monthly payment of $1,896 — but total interest exceeds $382,000. Lenders rarely highlight this upfront. Our loan amortization calculator shows it immediately.
It pinpoints when extra payments save the most. An extra $100/month on a 30-year mortgage saves over $20,000 in interest and cuts more than 3 years from the term. Use the extra payment field above to model your exact saving.
It guides refinancing decisions. You need your remaining balance and remaining interest to decide whether refinancing is genuinely worthwhile. The loan amortization calculator gives you both figures instantly.
| Loan Amount | Rate | Term | Monthly Payment | Total Interest |
|---|---|---|---|---|
| $10,000 | 6% | 3 yrs | $304.22 | $951.92 |
| $25,000 | 7% | 5 yrs | $495.03 | $4,701.80 |
| $50,000 | 5% | 10 yrs | $530.33 | $13,639.60 |
| $300,000 | 6.5% | 30 yrs | $1,896.20 | $382,632.00 |
| $300,000 | 6.5% | 15 yrs | $2,613.32 | $170,397.60 |
The 15-year vs 30-year row says it all — $717 more per month saves over $212,000 in total interest. Enter your own figures into the loan payment calculator above to run the same comparison for your situation.
Always enter your APR — not the base interest rate — into our loan interest calculator for accurate results. APR includes origination fees, mortgage insurance, and broker charges that the base rate excludes. A lender advertising 6.5% may have an APR of 6.9%+. On a $300,000 loan over 30 years, that 0.4% gap costs over $25,000 extra in total interest.
Each month, the calculator applies: Interest = Remaining Balance × Monthly Rate. As your balance falls, so does the monthly interest — meaning extra payments made early eliminate the most cost. This is why the extra payment feature in our loan payment calculator shows such significant savings from even small additional contributions.
Use this table to check whether your lender’s quote is competitive for your credit tier:
| Loan Type | Excellent (720+) | Good (680–719) | Average (640–679) | Below Average (<640) |
|---|---|---|---|---|
| 30-Year Mortgage | 6.2%–6.8% | 6.9%–7.3% | 7.4%–7.8% | 8.0%+ |
| 15-Year Mortgage | 5.8%–6.3% | 6.4%–6.9% | 7.0%–7.4% | 7.5%+ |
| New Car Loan (5yr) | 5.5%–6.5% | 7.0%–8.5% | 9.0%–11.0% | 14.0%+ |
| Used Car Loan (5yr) | 6.5%–8.0% | 9.0%–11.0% | 12.0%–14.0% | 18.0%+ |
| Personal Loan | 7.0%–12.0% | 13.0%–18.0% | 19.0%–24.0% | 26.0%–36.0% |
| Student Loan (Federal) | 6.5%–8.0% fixed — credit-score-independent | |||
Always get quotes from at least three lenders. Enter each APR into the loan interest calculator above to compare true total cost side by side.
Using a loan payment calculator is the first step. These five strategies are grounded in amortisation mathematics — each one can be modelled precisely using the tool above.
Extra payments hit hardest in the early years when your balance — and monthly interest charge — is highest. An extra $100/month on a $200,000 mortgage at 6.5% saves approximately $46,000 in interest and cuts 4+ years from a 30-year term. Model your savings using the extra payment field above.
26 bi-weekly half-payments equal 13 full payments per year — one extra payment annually at no real budget cost. On a $20,000 car loan at 7% over 5 years, this saves ~$350 in interest and moves your payoff date forward by 5 months. Select bi-weekly in the monthly loan payment calculator above to see your exact saving.
Shorter terms carry lower rates AND fewer months of interest — a double saving. The gap between a 48-month and 72-month car loan on $30,000 at 8% APR is over $4,000 in total interest. Run both term lengths through the loan payment calculator before committing.
Refinancing makes sense when rates drop 1%+ or your credit score improves significantly. Use the loan amortization calculator to check whether interest savings over your remaining term genuinely exceed closing costs (typically $1,000–$3,000) before applying.
A 0.4% rate difference on a $300,000 mortgage costs over $28,000 extra over 30 years. Enter each lender’s APR into our loan interest calculator to compare true total cost side by side. Rate shopping within a 14–45 day window counts as a single credit inquiry — it won’t hurt your score.
A loan payment calculator is a free online tool that estimates your monthly payment, total interest, and full amortization schedule for any loan type. Simply enter your loan amount, annual interest rate, and repayment term — then click calculate to receive instant, accurate results.
An amortization schedule is a complete table showing each loan payment broken down into principal and interest, along with the remaining balance after every payment. It covers the full life of your loan from the first payment to the last, giving you a clear picture of exactly how your debt reduces over time. Our loan amortization calculator generates this schedule instantly for any loan scenario you enter.
To use our car loan calculator, enter the vehicle purchase price minus any down payment or trade-in value, select your loan term (typically 3 to 7 years), and enter the APR your lender or dealership quoted. The calculator will instantly display your exact monthly payment and total interest owed over the life of the loan.
To use our personal loan calculator, enter the amount you wish to borrow, your quoted APR (which typically ranges from 6% to 36% depending on your credit score), and your preferred repayment term. The calculator instantly shows your monthly payment and the full cost of the loan — so you can confidently compare offers from multiple lenders.
The interest rate is the base annual cost of borrowing the principal balance. APR — Annual Percentage Rate — includes the interest rate plus additional fees such as origination charges and loan insurance premiums. APR gives a more complete and accurate picture of the true annual cost of borrowing and is the better figure to enter into our loan interest calculator when comparing offers from multiple lenders.
Yes. Extra payments are applied directly to your principal balance, which reduces the amount attracting interest each month. Even a modest additional payment of $50 to $100 per month can save thousands of dollars in total interest and cut years from your loan term. Use the extra payment feature in our loan payment calculator to model the exact savings for your specific loan.
Yes. Bi-weekly payments produce 26 half-payments per year — the equivalent of 13 full monthly payments instead of 12. That one extra payment per year accelerates principal paydown, reduces total interest, and moves your payoff date earlier without significantly impacting your monthly cash flow. Select the bi-weekly option in our monthly loan payment calculator to see the full impact on your specific loan.