Loan Payment Calculator
Calculate the monthly payment, total interest, and payoff schedule for a personal loan or any other fixed-rate loan. Add an extra payment to see how much interest it removes.
Amortization schedule
| Year | Principal | Interest | Extra | Balance |
|---|---|---|---|---|
| 1 | $4,384 | $1,532 | $0 | $15,616 |
| 2 | $4,771 | $1,144 | $0 | $10,845 |
| 3 | $5,193 | $723 | $0 | $5,652 |
| 4 | $5,652 | $264 | $0 | $0 |
Use the loan calculator that matches the debt
This loan payment calculator is the general case: an amount, a fixed rate, and a term. A car purchase also has a price, a down payment, and a trade-in, so the car loan calculator starts there. Student loans are usually an existing balance and a payment you choose, which is what the student loan payoff calculator models.
A mortgage adds taxes, insurance, and a down payment. Use the mortgage payment calculator for a purchase and the mortgage payoff calculator with extra payments when you already have the loan.
The payment formula is the standard fully amortizing payment. It assumes a monthly schedule and no fees added to the balance. If the lender finances an origination fee, include that fee in the loan amount.
Common questions
What loans can this payment calculator handle?
Any fixed-rate installment loan: a personal loan, a car loan, a student loan, or a mortgage principal-and-interest payment. It does not amortize credit cards, interest-only loans, or adjustable rates.
Should I enter the interest rate or the APR?
Enter the interest rate used to calculate the payment. APR can include origination fees, so it is the better number for comparing offers and the worse number for predicting the monthly payment.
How does an extra payment change the loan?
The required payment stays the same. The extra amount is applied to principal, the balance falls faster, and you pay less interest. The schedule assumes the lender applies that extra amount to principal immediately.