Finance
Loan Calculator
Calculate loan payments, total interest, total paid, payoff date, remaining balance, and an amortization table with optional extra payments.
Last updated July 9, 2026
About This Tool
Use this loan calculator to estimate fixed monthly payments, total interest, payoff date, and how extra monthly payments reduce the balance. It works well for personal loans, auto loans, debt payoff planning, and other fixed-rate installment loans.
Loan Payment Formula
payment = P x r(1 + r)^n / ((1 + r)^n - 1)P is the loan principal, r is the monthly interest rate, and n is the number of monthly payments. Extra payments are applied directly to principal.
How To Read The Results
The monthly payment is the fixed amount needed to amortize the loan over the selected term. Total interest is the cost of borrowing before any fees, taxes, or insurance that are outside the loan.
Extra payments can shorten the payoff date because they reduce the balance that future interest is calculated on. The effect is strongest when extra payments are made consistently and early.
Before You Compare Loans
Compare both payment affordability and total cost. A longer term may lower the monthly payment while increasing lifetime interest.
If a loan has origination fees or financed charges, add them to the principal or use the APR calculator to compare the broader cost of borrowing.
Examples
Personal loan
$25,000 loan, 7.5% APR, 60 months
Result: Monthly payment, total interest, total paid, and payoff date.
Extra debt payment
$100 extra per month
Result: The loan pays off earlier and total interest falls.
FAQ
Does this calculator support extra payments?
Yes. Extra monthly payments are applied to principal in the amortization schedule.
Can I use this for auto loans?
Yes. It is designed for fixed-rate installment loans such as auto loans, personal loans, and debt payoff plans.
Does this include fees or taxes?
No. Add financed fees to the loan amount if you want them included in the payment estimate.
References
Important Note
Results are estimates for planning and education. They do not replace financial, tax, legal, or professional advice. Review assumptions before making decisions.
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