Loan Payment Calculator
Find your monthly payment on any fixed-rate loan — personal, auto, mortgage, or student. Add an optional extra payment to see how much interest you’d save.
Monthly payment
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Total interest paid
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Total cost of loan
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Payoff in
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Scheduled minimum
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Interest saved with extra
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Year-by-year breakdown
| Year | Principal paid | Interest paid | Remaining balance |
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How the loan payment formula works
This calculator uses the standard fixed-rate amortization formula. Each month you pay the same total amount, split between interest (on the remaining balance) and principal (which reduces the balance). Early on, most of your payment is interest; by the end of the term, almost all of it is principal.
- Loan amount — the principal, or the amount you actually borrow after any down payment.
- Annual interest rate (APR) — the yearly rate quoted by the lender. Typical ranges: mortgages 6–8%, auto loans 6–10%, personal loans 8–18%, student loans 5–9%.
- Loan term — how long you take to repay. Longer terms mean smaller monthly payments but far more total interest paid.
- Extra monthly payment — any amount above the scheduled minimum. Every extra dollar goes straight to principal, shortening the loan and saving interest.
Tip: Even a small extra payment can save thousands. On a 30-year mortgage, paying just $100 more per month can shave 4 to 6 years off the loan and cut tens of thousands in interest.
This calculator assumes a fixed interest rate and equal monthly payments. It does not include taxes, insurance, PMI, lender fees, or prepayment penalties. APR may differ from the nominal rate when fees are included. This is not financial advice.
Whether you’re financing a car, taking out a personal loan, or comparing mortgage options, the monthly payment is rarely the only number that matters. This calculator shows you the full cost of a loan — your monthly payment, total interest paid over the life of the loan, and exactly how much you’d save by paying a little extra each month.
Enter your loan amount, interest rate, and term, and the result updates instantly. Add an optional extra monthly payment to see how it shortens your payoff timeline and cuts your total interest — often by thousands of dollars.
Loan amount — the total amount you’re borrowing, after any down payment. This is your principal — the number the interest is calculated against.
Annual interest rate (APR) — the yearly rate your lender quoted. Typical ranges vary by loan type: mortgages generally run 6–8%, auto loans 6–10%, personal loans 8–18%, and student loans 5–9%. Even a one-point difference in rate has a meaningful impact on total cost over a long term.
Loan term — how many years you have to repay. Longer terms reduce your monthly payment but dramatically increase the total interest you pay. A 5-year personal loan at 10% costs significantly less in total interest than the same loan stretched to 7 years, even though the monthly payment drops.
Extra monthly payment — any amount above your scheduled minimum. Every extra dollar goes directly to principal rather than interest, which shortens your loan and reduces total interest. The calculator shows you exactly how much interest you’d save with your extra payment versus paying the minimum only.
The year-by-year breakdown table shows how your principal and interest payments shift over time. In the early years of any amortized loan, the majority of each payment goes toward interest. As the balance shrinks, that ratio flips — and your extra payments accelerate that shift dramatically.
Carrying a credit card balance alongside this loan? The Debt Payoff Calculator shows how long each balance will take to clear and how much interest you’ll pay.
Shopping for a car specifically? The Car Loan Calculator factors in your down payment, trade-in value, and sales tax for a more accurate payment estimate.
For a mortgage, run your numbers through the Mortgage Affordability Calculator first to confirm you’re borrowing within your income limits.
This calculator assumes a fixed interest rate and equal monthly payments. It does not include taxes, insurance, PMI, lender fees, or prepayment penalties. This is not financial advice.