Loan Calculator
Personal loan monthly payment + amortization schedule.
About the Loan Calculator
Calculate loan payments, total interest, and payoff timelines. All calculations run privately in your browser.
How to Use This Calculator
Get instant results in four simple steps — no signup required.
- 1
Enter your loan amount
Input the principal you plan to borrow or currently owe.
- 2
Set the interest rate (APR)
Use APR, not just the interest rate, for accurate results.
- 3
Choose the loan term
Shorter terms mean higher payments but less total interest.
- 4
Review your results
See monthly payment, total interest, and full amortization schedule.
Key Features
Built-in features at no cost:
Real-time calculations
Results update instantly as you type.
Full amortization schedule
See principal vs interest for every payment.
Extra payment support
Simulate additional payments and their impact.
Visual charts
Interactive charts show payoff progress over time.
Privacy-first design
All data stays in your browser — no tracking.
Mobile-optimized
Works perfectly on phones, tablets, and desktops.
The Formula Behind the Calculation
Loan payments use: M = P × [r(1+r)^n] / [(1+r)^n − 1]. P is principal, r is monthly rate, n is total payments. Each payment covers interest first, then principal.
Practical Examples & Use Cases
Common real-world scenarios:
Personal loan comparison
$15K at 8% over 3 years saves $1,310 vs 5 years.
Credit card payoff
$5K at 22.3% APR: $200/month takes 34 months. $400/month cuts it to 15.
Auto loan with trade-in
$20K at 6.5% for 60 months = $393/month, $3,563 interest.
Debt snowball vs avalanche
Avalanche (highest APR first) saves the most interest.
Tips to Save Money on Loans
Proven strategies to reduce loan costs:
Compare APR, not just rate
APR includes fees — it is the true cost of borrowing.
Make biweekly payments
Adds one extra payment per year, cutting a 30-year loan by 4–5 years.
Round up payments
Rounding $470 to $500 saves ~$200 on a 5-year loan.
Refinance when rates drop
A 0.75–1% lower rate can save thousands over the loan term.
Avoid extending term when refinancing
Keep the term the same or shorter to avoid more interest.
Common Mistakes to Avoid
Avoid these costly pitfalls:
Ignoring total cost
Lower monthly payments often mean more total interest.
Using rate instead of APR
APR includes fees — always compare APRs when shopping.
Not accounting for PMI
Under 20% down means 0.5–1.5% PMI annually.
Forgetting prepayment penalties
Check your loan agreement before making extra payments.
Borrowing the maximum
Keep total debt under 36% of gross income.
Expert Tips
Check your credit score first
Scores of 720+ unlock the best rates.
Get pre-approved
Locks your rate and gives negotiating power.
Consider credit unions
Often 1–2% lower rates than banks.
Common Questions
Is this calculator free to use?
How accurate are the results?
Can I save or print my results?
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Plan your credit card debt elimination timeline.
Debt Payoff Calculator
Snowball vs avalanche debt elimination planner.
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