Loan Calculator
Find your monthly payment, total interest, and payoff date for any loan. Then see how much you save by paying a little extra.
💰 What if I pay a little extra?
Your balance over time
Amortization schedule
| Year | Payment | Principal | Interest | Balance |
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Results are estimates based on a fixed rate and equal monthly payments. Your lender's numbers may differ slightly due to fees, rounding, or payment timing. This calculator is for education, not financial advice.
How is a loan payment calculated?
Most car loans, personal loans, mortgages, and student loans are amortized, which means you pay the same amount every month. Each payment first covers that month's interest, and the rest pays down your balance. Early on, more of your payment goes to interest. Near the end, almost all of it goes to principal. The formula is: payment = loan amount × monthly rate ÷ (1 − (1 + monthly rate) raised to the power of negative number of payments).
Why do extra payments save so much?
Any extra money you pay goes straight to principal, so every future month charges interest on a smaller balance. Even a small extra payment can cut months or years off a loan and save hundreds or thousands in interest. Before paying extra, check that your loan has no prepayment penalty, and ask your lender to apply the extra amount to principal.
What loan term should I choose?
A shorter term means a higher monthly payment but much less total interest. A longer term lowers the monthly payment but costs more over the life of the loan. Try a few terms above to see the difference in total interest side by side.