Loan Payment Calculator
Estimate monthly payments and total interest for a fixed-rate loan. Your work stays on this device whenever possible.
How to use Loan Payment Calculator
- Enter the amount borrowed in Loan amount ($) and the yearly rate in Annual interest rate (%).
- Set Loan term (years); half-year steps are allowed, from 0.5 up to 40 years.
- Type an amount in Extra monthly payment ($ optional) to test paying more than required, or leave it at 0.
- Press "Calculate loan payment" for the monthly payment, total paid and total interest.
- Press "Download Schedule (CSV)" to save the month-by-month table of payment, principal, interest and remaining balance.
Worked example
Enter Loan amount 18,000, rate 7.2%, term 4 years, extra 0. Monthly rate 0.6%, 48 payments, so the payment is 432.70, total paid 20,769.82 and interest 2,769.82. Adding an extra 100 a month clears the loan in 38 payments (3 years, 2 months), with interest 2,176.56, saving 593.26 and finishing 10 months early.
When to use this tool
- Comparing the monthly cost of a four-year car loan against a five-year one before signing.
- Seeing how much interest a 100 monthly overpayment would save on a personal loan.
- Exporting an amortization table to check a lender's schedule line by line.
Important limitations
This assumes a fixed rate and equal monthly payments without fees, insurance, taxes, late charges, or rate changes. Compare the lender’s actual APR and schedule.
Frequently asked questions
What formula produces the monthly payment?
It is the standard fixed-rate amortization formula: principal times monthly rate times (1 + rate)^n, divided by ((1 + rate)^n − 1), with n as the number of monthly payments, following Consumer Financial Protection Bureau guidance (consumerfinance.gov/consumer-tools/mortgages/). A zero rate falls back to principal divided by n. Figures are an estimate, not financial advice.
How does an extra payment change the result?
Each month the extra amount is added to the scheduled payment, so the balance falls faster. The tool reports the new payoff time in years and months, the total interest, and the interest saved compared with no extra payment.
Does the figure include fees or insurance?
No. Only principal and interest are modelled. Origination fees, insurance, late charges and the effect of an APR that differs from the nominal rate are outside the calculation, so a lender's disclosure may be higher.
Is this the same as an EMI calculator?
Yes. An equated monthly instalment is this fixed monthly payment, so the result works for car, personal or education loans that use reducing-balance interest. Loans with flat-rate interest give different totals.
Why does the first CSV row show mostly interest?
Interest is charged on the outstanding balance, which is largest at the start. Early payments therefore carry more interest and less principal, and the split shifts gradually toward principal as the balance falls.