Loan Calculator
Calculate your monthly loan payment, total interest, payoff date and full amortization schedule. Add extra payments to see the interest and time you save.
Loan details
Result
The APR is divided evenly across 12 payments a year.
Principal vs interest
Principal 83.2% · Interest 16.8%
Amortization schedule
| Year | Payments | Interest | Principal | End balance |
|---|---|---|---|---|
| 1 | 12 | 1,729.81 | 4,281.59 | 20,718.41 |
| 2 | 12 | 1,397.43 | 4,613.97 | 16,104.44 |
| 3 | 12 | 1,039.22 | 4,972.18 | 11,132.26 |
| 4 | 12 | 653.24 | 5,358.16 | 5,774.10 |
| 5 | 12 | 237.26 | 5,774.10 | 0.00 |
How to use
- Enter the loan amount, the interest rate (APR) and the term in years and months.
- Set the payment frequency to Monthly or Biweekly — biweekly pays the loan off sooner.
- Add an extra payment per period to see the interest and the time it saves.
- Set a first payment date to put real dates on the amortization schedule.
- Read the payment and total interest, then switch to Monthly and use Copy table or Download CSV.
FAQ
How is a monthly loan payment calculated?
PMT = P × i ÷ (1 − (1 + i)^−N), where P is the loan amount, i the monthly rate (APR ÷ 12) and N the number of payments. A $200,000 loan at 6% over 30 years gives $1,199.10 a month.
How much does an extra payment save?
On that same $200,000 loan at 6%, paying an extra $200 a month cuts the term from 360 to 252 payments (9 years early) and saves about $79,801 in interest.
What happens with a 0% loan?
The payment is simply the amount divided by the number of payments, and every payment is pure principal — $25,000 over 5 years is $416.67 a month with $0 interest.
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