Loan Calculator
Estimate your loan payments, total interest, and overall repayment. Adjust the interest rate, loan term, and extra payments to understand how different repayment options may affect your borrowing costs.
Calculate Your Loan Payments
Planning to borrow money for a personal expense, a vehicle, home improvements, or another major purchase? Our loan calculator helps estimate your regular payment and the interest you may pay over the life of a fixed-rate installment loan.
Enter your loan amount, annual interest rate, repayment term, and payment frequency. You can also include an extra amount with each payment to explore how additional repayments may reduce your total interest and shorten your payoff time.
Loan Details
Enter your loan information below.
Your Loan Estimate
Review your estimated repayment costs.
Loan Repayment Schedule
The amortization schedule shows how each payment is divided between interest and principal. As the outstanding balance decreases, the interest portion generally becomes smaller for a standard fixed-rate loan.
Calculate your loan to generate the repayment schedule.
| Payment # | Payment | Principal | Interest | Extra Payment | Remaining Balance |
|---|---|---|---|---|---|
| Your repayment schedule will appear here after calculation. | |||||
On smaller screens, swipe horizontally to view all schedule columns. The downloadable CSV contains the full schedule.
How to Use This Loan Calculator
1. Enter Your Loan Amount
Enter the amount you expect to borrow, excluding any fees that are not financed as part of the loan.
2. Add the Annual Interest Rate
Use the annual interest rate provided by your lender. Your actual annual percentage rate may also reflect fees and other borrowing costs.
3. Select Your Loan Term
Enter the number of years over which you plan to repay the loan. A longer term generally reduces the regular payment but can increase the total interest paid.
4. Choose Your Payment Frequency
Select monthly, biweekly, or weekly payments. The calculator uses the selected number of payment periods per year to estimate repayment. Actual lender schedules may differ.
5. Explore Extra Payments
Enter an optional extra amount to see how additional payments could affect your estimated payoff time and total interest. Confirm with your lender that extra repayments are permitted and whether fees apply.
6. Review Your Results
Compare your regular payment, total interest, total repayment, and amortization schedule before making borrowing decisions.
What Affects Your Loan Payment?
Loan Principal
The principal is the amount borrowed. A larger principal generally results in a higher payment when the interest rate and term remain the same.
Interest Rate
The interest rate is the cost of borrowing expressed as a percentage. Higher rates generally increase the payment and total interest cost.
Repayment Term
A shorter term usually means higher regular payments but less time for interest to accumulate. A longer term usually lowers regular payments but may increase the overall cost.
Extra Repayments
Additional principal repayments may reduce the outstanding balance more quickly and lower future interest. The benefit depends on your lender’s terms, fees, and interest calculation method.
Frequently Asked Questions
What does a loan calculator do?
A loan calculator estimates regular payments, total interest, and total repayment using the principal, interest rate, repayment term, and payment frequency you enter.
How is a loan payment calculated?
For a standard fixed-rate installment loan, the regular payment is calculated using the loan principal, periodic interest rate, and total number of payments. A zero-interest loan is generally divided evenly across the scheduled payments.
Does a longer loan term save money?
A longer term can reduce the amount due with each payment, but it generally increases total interest when the rate and principal are otherwise unchanged.
Can extra payments reduce total interest?
Extra principal payments can reduce the outstanding balance and may reduce future interest. Results depend on the loan’s terms and how the lender applies additional payments.
Are the calculator results guaranteed?
No. Results are estimates based on the information entered. Actual payments and borrowing costs can differ because of lender rules, fees, payment dates, rate changes, and other loan conditions.
Does this calculator include loan fees and insurance?
No. The calculator does not automatically include origination fees, taxes, insurance, late charges, or other lender-specific costs. Add those costs separately when comparing loan offers.
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