Introduction
A loan payment calculator helps you figure out how much you will pay each month on a loan. This tool gives you a clear picture of your costs when you borrow money for a car, a home, school, or any other reason. Just enter your loan amount, interest rate, and loan term, and the calculator works out the rest. It shows your monthly payment, total interest, and a full payment schedule so you can see exactly where your money goes each month.
You can also add extra payments to see how paying more each month, each year, or even one time can save you money and help you pay off your loan faster. The calculator builds charts and a detailed table so you can compare options and make smart choices about your debt. Use this free tool to plan ahead and stay in control of your finances.
How to Use Our Loan Payment Calculator
Enter your loan details below to find out your monthly payment, total interest, and full payoff schedule.
Loan Amount: Type the total amount of money you are borrowing, from $1 up to $9,999,999.
Annual Interest Rate (APR): Enter the yearly interest rate on your loan, from 0% to 25%.
Loan Term: Enter how long you have to pay back the loan. Pick months or years from the dropdown, or drag the slider. The term must be between 3 and 360 months.
Payment Timing: Choose when each payment is made. "End of Period" is the most common. "Start of Period" means you pay at the beginning of each month.
Loan Start Date: Pick the date your loan begins. This sets the dates shown in your payment schedule.
Monthly Extra Payment: Enter any extra amount you want to add to your payment each month. This is optional and helps you pay off the loan faster.
Yearly Extra Payment: Enter any extra lump sum you want to pay once a year. This is optional.
Recurring Extra Start Date: Pick the date when your monthly and yearly extra payments begin.
One-Time Extra Payment: Enter a single extra payment you want to make one time. This is optional.
One-Time Payment Date: Pick the date for your one-time extra payment. It must be on or after your loan start date.
Click Calculate to see your monthly payment, total interest, payoff date, savings from extra payments, charts, and a full month-by-month amortization schedule. Click Reset to clear all fields and start over.
What Is a Loan Payment Calculator?
A loan payment calculator helps you figure out how much you will pay each month when you borrow money. When you take out a loan, you agree to pay it back over time with interest. Interest is the extra money the lender charges you for letting you use their money. This calculator takes your loan amount, interest rate, and loan term to show you your monthly payment, total interest, and total cost.
How Loan Payments Work
Each monthly payment you make is split into two parts: principal and interest. The principal is the part that pays down what you actually borrowed. The interest is the fee the lender charges. Early in the loan, most of your payment goes toward interest. As time goes on, more of your payment goes toward the principal. This process is called amortization.
What Is an Amortization Schedule?
An amortization schedule is a table that shows every payment you will make over the life of your loan. It breaks down each payment into principal, interest, and remaining balance. This lets you see exactly how your debt shrinks over time and how much interest you pay each month.
How Extra Payments Save You Money
When you pay extra money toward your loan, that money goes straight to the principal. This lowers your balance faster, which means you pay less interest overall. Even small extra payments each month can save you hundreds or thousands of dollars and help you pay off your loan sooner.
Payment Timing: End of Period vs. Start of Period
Most loans use end-of-period payments, also called an ordinary annuity. This means you pay at the end of each month. Start-of-period payments, called annuity-due, mean you pay at the beginning of each month. Paying at the start slightly lowers your total interest because the lender holds your money for less time.
Key Loan Terms to Know
- Loan Amount – The total money you borrow, also called the principal.
- APR (Annual Percentage Rate) – The yearly interest rate the lender charges you.
- Loan Term – How long you have to pay back the loan, usually shown in months or years.
- Monthly Payment – The fixed amount you pay each month until the loan is paid off.
- Total Interest – The full amount of interest you pay over the entire life of the loan.