Calculators
Loan Calculator
Calculate your monthly loan payment, total interest, and amortization schedule with extra payment impact and scenario comparison. Perfect for personal loans, auto loans, business loans, and more.
Use Loan Calculator to get instant results without uploads or sign-ups. Everything runs securely in your browser for fast, reliable output.
Your results will appear here.
About this tool
Calculate your loan payments instantly with our comprehensive loan calculator that goes beyond basic calculations. Whether you're planning a personal loan, auto purchase, business financing, or home improvement project, our calculator shows your monthly payment, total interest cost, and complete amortization schedule. Plus, see exactly how extra monthly payments can dramatically reduce your total interest and payoff time.
Understanding loan costs before committing is crucial for financial planning. Our calculator reveals not just the monthly payment, but the total interest you'll pay over the loan's lifetime, helping you compare different loan options and make informed borrowing decisions. The extra payment feature shows how even small additional payments can save thousands in interest and shorten your loan by years. For example, adding just $100/month to a $50,000 loan can save over $2,800 in interest.
The calculator includes powerful scenario comparison tools to help you make the best decision. Compare what happens if you secure a lower interest rate, choose a shorter loan term, or commit to extra monthly payments. Each scenario shows the exact impact on your monthly payment, total interest paid, and payoff timeline. This helps you evaluate refinancing opportunities, negotiate better terms, or decide whether to accelerate your payoff.
Your financial information stays completely private - all calculations happen in your browser with no data sent to servers. The calculator uses standard amortization formulas used by banks and lenders for accuracy. Use it as many times as needed to find the perfect loan terms for your budget. It works on all devices and can be used offline after the first visit.
Usage examples
Personal Loan with Extra Payments
$15,000 at 8% for 5 years with $50 extra monthly
Standard: $304.15/month, $18,249 total paid, $3,249 interest. With $50 extra: $354.15/month, $17,358 total paid, $2,358 interest. Saves $891 and pays off 8 months early.
Auto Loan Comparison
$25,000 car loan at 6% - 5 years vs 3 years
5-year: $483.32/month, $28,999 total, $3,999 interest. 3-year: $761.65/month, $27,419 total, $2,419 interest. Shorter term saves $1,580 in interest but costs $278 more monthly.
Small Business Loan Calculation
$50,000 business loan at 9% for 7 years
Monthly Payment: $789.35, Total Interest: $16,306, Total Paid: $66,306. Interest represents 32.6% of the loan amount. Formula: M = P[r(1+r)^n]/[(1+r)^n-1]
Interest Rate Comparison
$20,000 loan: 7% vs 10% for 4 years
At 7%: $478.92/month, $2,988 interest. At 10%: $506.13/month, $4,294 interest. The 3% rate difference costs $1,306 more in interest (43.7% more).
Home Improvement Loan
$30,000 at 7% over 10 years
Monthly Payment: $348.33, Total Interest: $11,800, Total Paid: $41,800. Adding $100/month extra saves $2,431 in interest and pays off 2.5 years earlier.
How to use
- Optional: Select a Quick Start preset (Personal Loan, Auto Loan, Small Business, or Home Improvement)
- Enter the loan amount (principal) you need to borrow
- Enter the annual interest rate (APR) as a percentage
- Enter the loan term (duration) in years
- Optional: Add extra monthly payment to see payoff acceleration (up to $2,000)
- Optional: Provide annual income to see affordability assessment
- Optional: Select a scenario comparison (shorter term, lower rate, or extra payment)
- Click "Run Tool" to calculate your complete loan analysis
- View monthly payment, total interest, and payoff date
- Review year-by-year amortization schedule
- Check extra payment impact and interest savings
- Compare scenarios to find the best loan strategy
- Each output has its own Copy button for easy sharing
Benefits
- Calculate monthly payments for any loan type - personal, auto, business, home improvement
- See total interest cost and how much you'll really pay
- Analyze extra payment impact - see exact savings and early payoff
- Compare scenarios side-by-side (shorter term, lower rate, extra payments)
- Year-by-year amortization schedule shows principal vs interest breakdown
- Affordability check shows if payment fits your income
- First and last payment breakdown reveals how amortization works
- Instant calculations as you adjust loan parameters
- No registration, no personal information required
- 100% private - calculations done in your browser only
- Works on all devices - phone, tablet, desktop
- Free forever with no premium features or paywalls
FAQs
How is monthly loan payment calculated?
Monthly payment is calculated using the amortization formula: M = P[r(1+r)^n]/[(1+r)^n-1], where M is monthly payment, P is principal (loan amount), r is monthly interest rate (annual rate ÷ 12), and n is number of monthly payments (years × 12). This formula ensures you pay off both principal and interest by the end of the loan term. Early payments are mostly interest, while later payments are mostly principal.
Should I make extra payments on my loan?
Extra payments directly reduce your principal, which saves interest and shortens the loan term. Even small extra payments can save thousands over a loan's lifetime. For example, adding $100/month to a $50,000 loan at 8% over 10 years saves $2,891 in interest and pays off 2 years early. However, ensure you have an emergency fund and no higher-interest debt first. Extra payments are especially valuable on longer-term loans where early payments are heavily weighted toward interest.
What's the difference between interest rate and APR?
Interest rate is the cost of borrowing the principal amount. APR (Annual Percentage Rate) includes the interest rate plus other loan costs like origination fees, closing costs, and points. Our calculator uses interest rate for payment calculation, but compare APRs when shopping for loans to see the true cost. APR is always equal to or higher than the interest rate. For example, a loan might have 7% interest but 7.5% APR due to fees.
How does loan term affect my payment?
Longer loan terms (like 7 years vs 3 years) result in lower monthly payments but higher total interest paid. Shorter terms mean higher monthly payments but less total interest. For example, on a $25,000 auto loan at 6%, a 5-year term costs $483/month with $3,999 in interest, while 3 years costs $762/month with only $2,419 in interest. Choose based on your monthly budget and how much total interest you're willing to pay.
What are the different types of loans this calculator works for?
This calculator works for any amortized loan including: Personal loans (unsecured loans for any purpose), Auto loans (new or used car financing), Business loans (small business term loans), Home improvement loans, Debt consolidation loans, Student loans (fixed-rate), and even Mortgages (though our dedicated mortgage calculator has more features). It works for any loan where you make fixed monthly payments over a set term. It does NOT work for credit cards, lines of credit, or interest-only loans.
When should I refinance my loan?
Consider refinancing if: (1) Interest rates have dropped by at least 1-2% since you took the loan, (2) Your credit score has improved significantly (50+ points), (3) You want to lower your monthly payment or shorten your term, or (4) You can eliminate PMI or other fees. However, factor in refinancing costs - typically 2-5% of loan amount. You should stay in the loan long enough to recoup these costs through lower payments. Use our scenario comparison to see if a lower rate would save you money after accounting for fees.
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