View full amortization schedule ▾
| Year | Principal paid | Interest paid | Balance |
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How this loan calculator works
Enter the amount you're borrowing, the interest rate and the term. The calculator works out the fixed monthly payment that pays the loan off exactly on schedule. Add an optional extra monthly payment to see how much sooner the loan is paid off and how much interest that saves — every figure updates live as you type.
How your loan payment is calculated
This calculator uses the standard fixed-rate amortization formula, which spreads the loan into equal monthly payments across the full term. Early payments are weighted more toward interest; later payments are weighted more toward principal, since interest is always charged on whatever balance remains. The amortization schedule above shows that shift year by year, and reflects any extra payment you've added.
Car, personal and student loans
The math here works the same way for any fixed-rate installment loan — the type mostly changes the typical rate and term. Car loans are usually 2–7 years at a rate tied to your credit and whether the car is new or used. Personal loans are typically 2–5 years, unsecured, and priced on credit profile alone. Student loans often run much longer, sometimes with a rate set by government policy rather than a lender. Whichever kind you have, plug in your real amount, rate and term to get an accurate payment.
Interest rate vs. APR
The interest rate is the cost of borrowing the loan amount. The APR (annual percentage rate) bundles that rate together with certain lender fees, so it's usually a little higher and is the better number for comparing offers between lenders. If your paperwork only lists an APR, that's the number to use here for the most realistic payment.
Why extra payments save more than they look like
Every extra dollar you pay goes straight to principal, which shrinks the balance interest is charged on for every payment that follows — not just the current one. That compounding effect means extra payments made earlier in the loan save more than the same amount paid later. Try adding even a small extra amount above and watch the payoff date and total interest move.
Ways to lower your total cost
- Shop multiple lenders — rates for the same borrower can vary more than people expect.
- Choose the shortest term you can comfortably afford; it cuts total interest sharply.
- Make extra payments when you can, especially early in the loan.
- Improve your credit profile before applying — it's the single biggest lever on your rate.
Frequently asked questions
Is this loan calculator free to use?
Yes — completely free, with no sign-up, no account and no limits. Every calculation runs in your browser, so use it as often as you like.
What kinds of loans can I use this for?
Any fixed-rate installment loan with equal monthly payments — car loans, personal loans, student loans and similar. It doesn't model mortgages with escrowed taxes and insurance; use the dedicated mortgage calculator for that.
What's the difference between interest rate and APR?
The interest rate is the cost of borrowing the loan amount. The APR bundles that rate with certain lender fees, so it's usually a little higher and is the better number for comparing offers.
How much can an extra payment actually save me?
Every extra dollar goes straight to principal, reducing the interest charged on every payment after it. Even a modest extra amount each month can shave months off a loan and save real money, especially earlier in the term. Enter an amount above to see your exact numbers.
Are my numbers saved or sent anywhere?
No. Nothing you enter leaves your device. The math runs entirely in your browser, and the optional share link only stores the numbers you choose to share inside the link itself.
How accurate is the estimate?
The math is exact for the amount, rate and term you enter, using the standard amortization formula. Your actual offer may include fees or a different rate structure, so treat this as a close guide rather than a formal loan quote.