Free Loan Calculator
Loan Calculator
Estimate your monthly loan payment, total interest, and total repayment cost. Add an extra monthly payment to see how much interest you could save and how much sooner you could pay off your loan.
Enter your loan details
Enter your loan amount, annual interest rate, and loan term. You can also add an optional extra monthly payment.
Enter the total amount you plan to borrow.
Enter the annual interest rate for the loan.
See how additional monthly principal payments could reduce interest and shorten your payoff time.
Estimated Loan Payment
Enter your loan details
Your estimated monthly payment, interest, and payoff information will appear here.
How to use this loan calculator
Enter your loan amount, annual interest rate, and repayment term. The calculator estimates the monthly principal and interest payment, total interest, and total amount repaid over the life of the loan.
You can also enter an optional extra monthly payment to estimate how additional principal payments could reduce your interest cost and shorten the payoff period.
Monthly Payment
Your estimated regular principal and interest payment.
Total Interest
The estimated interest paid over the full loan term.
Total Payment
Principal plus estimated interest over the repayment period.
How extra monthly payments can save money
Extra payments can reduce your outstanding principal faster. Since interest is generally calculated using the remaining balance, paying principal earlier may reduce future interest charges.
The calculator compares the standard repayment schedule with your extra-payment scenario and estimates both the interest saved and the amount of time removed from the loan.
Check how your lender applies extra payments
Loan agreements can differ. Confirm that additional payments are applied to principal and check whether any prepayment restrictions or fees apply.
What types of loans can I calculate?
This calculator is designed for standard fixed-rate amortizing loans and can be useful for several common borrowing situations.
Personal Loans
Estimate payments for a fixed-rate personal installment loan.
Auto Loans
Estimate principal and interest payments for a vehicle loan.
Business Loans
Compare repayment costs for certain fixed-term business loans.
Installment Loans
Estimate payments for other fixed-payment amortizing loans.
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Coming soonFrequently Asked Questions
How is a monthly loan payment calculated?
A standard amortizing loan payment is calculated using the loan principal, monthly interest rate, and total number of payments. Each payment generally contains both principal and interest.
Does making extra payments reduce interest?
It can. Paying down principal sooner can reduce the balance on which future interest is calculated. The actual savings depend on your loan terms and how additional payments are applied.
Is a shorter loan term better?
A shorter term usually produces a higher monthly payment but may substantially reduce total interest. A longer term can reduce the monthly payment while increasing total interest.
Does this calculator include loan fees?
No. Origination fees, closing costs, taxes, insurance, late fees, and other lender charges are not automatically included.
Can I use this calculator for an auto loan?
Yes. It can estimate principal and interest for a standard fixed-rate auto loan. Vehicle taxes, dealer fees, rebates, and trade-in values are not automatically included.
Is the result the exact amount my lender will charge?
No. The result is an estimate. Actual lender calculations may differ because of fees, compounding conventions, payment dates, rounding, or other loan-specific conditions.
This loan calculator is provided for general informational and estimation purposes only. Results are not financial advice, a loan offer, or a guarantee of lender terms. Actual payments and costs may vary.