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Home / Calculators / Loan Calculator

Free Loan Calculator

Calculate monthly payments, total interest, and payoff date for any loan. Includes extra payment and amortization summary.

dollars ($)
annual rate (%)
years
monthly ($)
Please enter valid loan amount, interest rate, and term.
Payment Summary
$0.00
Monthly Payment
$0.00
Total Interest
$0.00
Total Payment
-
Payoff Date
Amortization Summary
Term
-
Base Payment
-
Total Payments
-
Annual Rate
-

How to Use the Loan Calculator

1

Enter Loan Details

Enter the loan amount, annual interest rate, and loan term in years.

2

Add Extra Payment

Optionally enter an extra monthly payment to see how it reduces interest and shortens your term.

3

View Results

Click "Calculate" to see your monthly payment, total interest, payoff date, and amortization summary.

About Loan Calculators

A Loan Calculator helps you estimate your monthly loan payments based on the loan amount, interest rate, and repayment term. It uses the standard amortization formula M = P × r(1+r)n / ((1+r)n - 1), where M is the monthly payment, P is the principal, r is the monthly interest rate, and n is the number of payments.

Making extra payments toward your loan principal reduces the total interest you pay and helps you become debt-free faster. Even small additional payments can significantly shorten your loan term over time.

This calculator works for any fixed-rate installment loan including personal loans, auto loans, student loans, and small business loans. For mortgage-specific calculations, try our Mortgage Calculator. For credit card payoff planning, see our Credit Card Payoff Calculator.

  • Fixed-rate loans: The interest rate stays the same for the entire term, giving predictable payments.
  • Amortization: Each payment splits between principal and interest, with the interest portion decreasing over time.
  • Extra payments: Additional principal payments directly reduce your balance and save on future interest.

Frequently Asked Questions

Enter the loan amount, annual interest rate, loan term in years, and optionally any extra monthly payment. Click Calculate to see your monthly payment, total interest, total payment, payoff date, and amortization summary.

The calculator uses the standard loan amortization formula: M = P × r(1+r)n / ((1+r)n - 1), where M is the monthly payment, P is the loan principal, r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments (years × 12).

Yes, it is completely free. There are no hidden charges, subscription plans, or usage limits. You can use it as many times as you like, for any purpose — personal, educational, or professional.

No, absolutely not. All calculations happen locally in your browser. Your loan amount, interest rate, and other financial data are never sent to any server, stored, or tracked. Your privacy is fully protected.

An amortization schedule is a table showing each monthly payment over the life of the loan. It breaks down how much of each payment goes toward principal vs. interest, and shows the remaining loan balance after each payment. This calculator provides a summary of the amortization.

Making extra payments toward your loan principal reduces the total interest you pay and helps you pay off the loan faster. Even small additional payments can significantly shorten your loan term and save you money in interest over the life of the loan.

A fixed interest rate remains the same for the entire loan term, giving you predictable monthly payments. A variable (or adjustable) rate can change over time based on market conditions, which means your monthly payments may increase or decrease. This calculator assumes a fixed interest rate.

Yes, this Loan Calculator works for any type of amortizing loan, including car loans, personal loans, student loans, and business loans. The calculation is based on the standard amortization formula that applies to most fixed-rate installment loans.

The payoff date is calculated based on the loan start date, the loan term, and any extra payments. With extra payments, the loan is paid off earlier than the original term. The calculator shows the estimated payoff month and year.

Absolutely. The tool is fully responsive and works on all devices — desktops, laptops, tablets, and smartphones. The layout adapts to your screen size for a comfortable experience on any device.