Loan Calculator
Calculate loan payments, interest, and payoff schedule for personal loans, auto loans, business loans, and more.
How the Loan Calculator Works
This loan calculator uses the standard amortization formula to compute fixed monthly payments for personal loans, auto loans, student loans, business loans, and other installment-based loans. The calculation uses your loan amount, annual interest rate, and repayment term to determine the monthly payment and total interest.
If you enter an extra monthly payment, the calculator shows how much faster you can pay off the loan and how much interest you save.
All calculations run in your browser and nothing is stored or transmitted.
Inputs Explained
Loan amount: The total amount you borrow. Larger loans naturally result in higher monthly payments.
Annual interest rate: The percentage charged on the loan each year. Even a small change in this value can greatly affect total interest paid.
Loan term: The repayment duration in years. A longer term lowers your monthly payment but increases total interest.
Extra monthly payment: Optional extra payments help reduce your principal faster, resulting in earlier payoff and reduced interest.
Outputs Explained
Monthly payment: The amount you pay each month, including principal and interest.
Total interest: The total amount paid to the lender beyond the borrowed principal.
Total cost: The sum of principal and interest over the full loan term.
This tool is ideal for comparing loan options and estimating repayment timelines with or without extra payments.
Frequently Asked Questions
Does this include taxes and fees?
No. This calculator includes principal and interest only.
What if my interest rate is 0%?
The formula automatically switches to simple division: principal / total months.
Is my data saved?
No. Everything is calculated locally on your device.