Finance calculator
Loan Calculator
Estimate your monthly payment, total interest, payoff date, and the savings created by making extra payments.
Loan details
Enter the terms of a fixed-rate installment loan.
Required monthly payment$0.00With extra payment: $0.00 per month
Total interest$0.00
Total repaid$0.00
Payoff time0 months
Estimated payoff date—
Interest without extra$0.00
Interest saved$0.00
Payments eliminated0
Effective monthly payment$0.00
Annual amortization schedule
See how each year’s payments are divided between principal and interest.
| Year | Principal | Interest | Total paid | Ending balance |
|---|
How this loan calculator works
This calculator uses the standard amortization formula for a fixed-rate loan. Each payment first covers the interest due for that month, and the remainder reduces the principal balance.
What loans can it estimate?
It works well for personal loans, vehicle loans, equipment financing, and other installment loans with a fixed interest rate and equal monthly payments.
How extra payments help
An extra payment is applied directly to principal in this estimate. That lowers the balance faster, reduces future interest charges, and can eliminate months or years of payments.
Note: This estimate does not include lender fees, late charges, prepayment penalties, or changes to the interest rate.