Loan Payment Calculator
Calculate monthly payments for any loan — auto, personal, student, or home equity. See the full amortization schedule and how extra payments save you money.
Quick Answer
This loan calculator computes monthly payments for any installment loan using the standard formula M = P × [r(1+r)^n]/[(1+r)^n–1]. Compare different loan terms and see how extra payments reduce total interest.
How to Use This Calculator
Enter the total loan amount, annual interest rate (APR), and loan term in years. Typical terms: 3-7 years for auto loans, 5-20 years for personal loans. Add an extra payment percentage to see how paying more reduces payoff time and interest. This loan payment calculator shows monthly payment, total interest, a breakdown chart, and the full amortization schedule.
How Loan Payments and Amortization Work
Loan payments use the amortization formula: each payment consists of principal (reducing your balance) and interest (borrowing cost). Early payments go mostly to interest; later ones go mostly to principal. That's why extra payments early have outsized effects — every extra dollar directly reduces principal. Use this amortization calculator to see your full schedule. A shorter term means higher payments but less total interest. A lower rate saves on every payment for the entire loan life.
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Also try our free Mortgage Amortization Schedule template
Create a detailed mortgage amortization schedule. See exactly how much principal and interest you pay each month over the loan term.
Download Mortgage Amortization Schedule