Loan CalculatorFree online loan calculator
Estimate monthly loan payments, total interest and payoff time with a year-by-year amortization schedule.
Enter the loan amount, annual interest rate and loan term. The calculator instantly estimates the monthly payment, total interest, total repayment and payoff time. You can also add an extra monthly payment to compare how faster payments affect the loan.
A monthly loan payment is the regular amount paid each month to repay a loan. For a fixed-rate loan, the payment usually stays the same while the interest and principal split changes over time.
Total interest is the estimated amount paid to the lender on top of the original loan amount. A higher interest rate or longer loan term usually increases the total interest paid.
An amortization schedule shows how each payment reduces the loan. Early payments often pay more interest, while later payments usually pay more principal.
Extra payments reduce the balance faster. This can shorten the payoff time and reduce total interest, especially when extra payments are made early in the loan.
No. This tool calculates the loan payment and interest only. It does not include taxes, insurance, origination fees, late fees, closing costs or other lender charges.