Loan Calculator
Free loan calculator. Enter your loan amount, interest rate, and term to instantly see your monthly payment, total interest paid, and a full amortization breakdown.
View amortization schedule (by year)
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $4,281.58 | $1,729.81 | $20,718.42 |
| 2 | $4,613.97 | $1,397.42 | $16,104.46 |
| 3 | $4,972.16 | $1,039.22 | $11,132.29 |
| 4 | $5,358.16 | $653.22 | $5,774.13 |
| 5 | $5,774.13 | $237.25 | $0.00 |
How the loan calculator works
This calculator uses the standard amortizing-loan formula. Your fixed monthly payment is calculated from the loan amount (principal), the annual interest rate, and the loan term. Early payments go mostly toward interest, and later payments mostly toward principal — but the monthly amount stays the same.
Tips to pay less interest
- Shorten the term — a 4-year loan costs far less interest than a 6-year loan at the same rate.
- Shop the rate. Even half a percent adds up over the life of the loan.
- Make extra principal payments when you can to cut the total interest.
Frequently asked questions
How is my monthly loan payment calculated?⌄
It uses the standard amortization formula, which spreads the principal and interest evenly across every month of the term so your payment stays the same throughout the loan.
Does paying extra each month save money?⌄
Yes. Extra payments go straight to principal, which reduces the balance interest is charged on, so you finish sooner and pay less total interest.
What's the difference between interest rate and APR?⌄
The interest rate is the cost of borrowing the principal; APR also folds in certain fees, so it's usually slightly higher and better for comparing offers.
Is this calculator free to use?⌄
Completely free, with no signup. It runs in your browser, so the numbers you enter are never sent to us.
Have another question? Get in touch.