Loan Calculator
Calculate your monthly loan payment, total interest, and total cost for any loan — personal, auto, student, or business. See a full amortization schedule, find out how much extra payments save you, and compare monthly vs biweekly. Works in any currency.
Enter your loan amount, interest rate, and term to see your payment and total interest. Add an optional extra payment to see how much interest and time you'd save, and view the full amortization schedule.
* Results are estimates using standard amortizing-loan math with a fixed interest rate. Actual loan offers may include fees, insurance, variable rates, different compounding, or rounding that change the numbers. This tool is for general planning only and is not financial advice — confirm exact figures with your lender before borrowing.
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What Is a Loan Calculator?
A loan calculator is a free online tool that shows what a loan will really cost you. From three inputs — the loan amount, the interest rate, and the term — it works out your regular payment, the total interest you'll pay over the life of the loan, and the total cost. It also builds an amortization schedule showing how each payment splits between principal and interest, and how your balance falls over time.
This is a general-purpose loan calculator that works for personal loans, auto loans, student loans, and business loans in any currency. For home loans specifically, see our Mortgage Calculator; for the EMI format common in India and South Asia, see our Loan EMI Calculator.
How to Use This Loan Calculator
- Enter the loan amount — the principal you're borrowing.
- Enter the annual interest rate — your APR or nominal rate.
- Set the term — in years or months.
- Choose a payment frequency — monthly, biweekly, or weekly.
- Optional: add an extra payment — see how much interest and time you'd save.
Click Calculate Loan to see your payment, total interest, payoff time, and the full amortization schedule.
The Loan Payment Formula
Fixed-rate loans use the standard amortizing payment formula:
M = payment per period
P = principal (loan amount)
r = interest rate per period (annual rate ÷ periods per year)
n = total number of payments
Example: a $20,000 loan at 7.5% annual interest over 5 years (60 monthly payments). The monthly payment works out to about $400.76, total interest is about $4,045.39, and the total repaid is about $24,045.39.
What Is an Amortization Schedule?
Amortization is the process of paying off a loan with regular equal payments. Early on, most of each payment goes to interest; over time, more goes to principal. An amortization schedule lists every payment, showing the split and the shrinking balance. Seeing it laid out is eye-opening — it's why paying a little extra early in the loan saves so much, because it cuts into principal before interest can accumulate on it.
How Extra Payments Save You Money
Adding even a small amount to each payment goes straight to principal, which reduces the balance interest is charged on — so you pay less interest and finish sooner. For example, on that $20,000 loan, an extra $100 per month could save you hundreds in interest and shave several months off the term. Turn on the extra-payment field to see your exact savings. To attack multiple debts strategically, our Debt Payoff Calculator compares the snowball and avalanche methods.
Types of Loans This Works For
| Loan Type | Typical Term | Notes |
|---|---|---|
| Personal loan | 1–7 years | Usually fixed rate, unsecured |
| Auto loan | 3–7 years | Secured by the vehicle |
| Student loan | 10–25 years | Check for variable rates & grace periods |
| Business loan | 1–10 years | Terms vary widely by lender |
| Home loan / mortgage | 15–30 years | Use our dedicated Mortgage Calculator |
Tips to Pay Less Interest on Any Loan
- Choose a shorter term if you can afford it — higher payments, but far less total interest.
- Make extra payments toward principal — even small ones add up.
- Pay biweekly instead of monthly — you make the equivalent of one extra monthly payment a year.
- Shop around for the lowest rate — a fraction of a percent matters over years.
- Avoid prepayment penalties — check the loan terms before paying ahead.