Finance calculator

Loan Calculator

Calculate the payment, total interest, payoff date, extra-payment savings, and a full amortization schedule for any fixed-rate loan.

Transparent assumptions Full amortization schedule Extra-payment payoff Any payment frequency XLSX report
Calculate See schedule

Estimates only — lender fees, taxes, insurance, and terms may vary.

Loan calculator

Enter your loan details

Pick a loan type, enter the numbers, and the payment, total interest, payoff date, and full schedule update instantly. Works in any currency.

Loan type

A normal amortising loan: a fixed payment each period until the balance reaches zero.

Loan details$15,000 · 6.50% · 5y

The core loan: how much you borrowed, the rate, and the term.

$

The amount borrowed (the starting balance).

%

Annual rate. Decimals supported, e.g. 6.5. Enter 0 for interest-free.

Whole years.

Extra months on top of the years.

60 monthly payments in total over the term.

Advanced optionsMonthly · Monthly compounding

Payment frequency, compounding, and the start date. The defaults (monthly, monthly compounding) match ordinary consumer loans.

How often you make a payment.

How often interest is added to the balance.

Used to label the payment dates and payoff date.

Result rounding

Affects display only — the math is always to the cent.

Payment per month

$293

60 payments · payoff Jun 2031.

Exports your inputs, payment summary, amortization schedule, scenario comparison, formulas, assumptions, and disclaimer.

Your XLSX report includes:

SummaryInputsAmortization scheduleYearly summaryScenario comparisonCharts dataFormula & methodologyDisclaimer & disclosure
Built in your browser from your inputs · no sign-in · no upload

Total interest

$2,610

Cost of borrowing over the loan.

Total paid

$17,610

Principal + interest.

Interest as % of principal

17.4%

Interest on top of the amount borrowed.

Payoff date

Jun 2031

Last scheduled payment.

Final payment

$294

Trimmed to clear the exact balance.

First payment splits $81.25 interest / $212.24 principal; the last is mostly principal. Effective rate used: 0.5417% per month (6.697% a year).

Educational estimate — lender fees, taxes, insurance, and rounding can make a lender's figures differ.

What your result means

What your result means

With a $15,000 loan at 6.50% over 5 years, your estimated payment is $293.49 per month. You would pay about $2,610 in interest, meaning interest adds 17.4% on top of the amount borrowed.

APR may differ if fees are included

Compare scenarios

How a lower rate, a shorter term, or extra payments change the cost — each is a full re-run of the math. Interest saved is measured against the most expensive plan shown. The downloadable report includes every scenario.

Current plan

$293.49 / payment

Total interest
$2,610
Total paid
$17,610
Payoff
Jun 2031
Interest saved
—

Lower rate (5.5%)

$286.52 / payment

Total interest
$2,191
Total paid
$17,191
Payoff
Jun 2031
Interest saved
$419

Shorter term (4y)

$355.72 / payment

Total interest
$2,075
Total paid
$17,075
Payoff
Jun 2030
Interest saved
$535

+ extra 50/payment (example)

$293.49 / payment

Total interest
$2,162
Total paid
$17,162
Payoff
Aug 2030
Interest saved
$448

Scenarios are illustrative and use the same fixed-rate assumptions as your inputs. They are not loan offers.

Visual breakdown

How the loan splits and shrinks over time. Each chart has a data table beneath it for exact figures and screen readers.

Principal vs interest

The share of what you pay that is principal versus interest.

Principal $15,000 · Interest $2,610.

Show data table
Principal vs interest — data table
Amount
Principal$15,000
Interest$2,610

Balance over time

How the remaining balance falls toward zero.

The balance reaches zero at Jun 2031.

Show data table
Balance over time — data table
YearBalance
0$15,000
1$12,376
2$9,576
3$6,589
4$3,401
5$0

Principal vs interest by year

How much of what you have paid is principal versus interest, year by year.

Over the loan you repay $15,000 of principal and $2,610 of interest.

Show data table
Principal vs interest by year — data table
YearPrincipalInterest
2026$1,291$470
2027$4,001$1,281
2028$6,894$1,911
2029$9,979$2,347
2030$13,272$2,577
2031$15,000$2,610

Amortization schedule

The first 12 payments show by default. Open the full schedule for payment-by-payment detail, or switch to the yearly summary. On phones the schedule shows as compact cards.

monthly amortization schedule in USD
#DateBeginningPaymentExtraPrincipalInterestEndingCum. interest
1Jul 2026$15,000$293.49—$212.24$81.25$14,788$81
2Aug 2026$14,788$293.49—$213.39$80.10$14,574$161
3Sep 2026$14,574$293.49—$214.55$78.94$14,360$240
4Oct 2026$14,360$293.49—$215.71$77.78$14,144$318
5Nov 2026$14,144$293.49—$216.88$76.61$13,927$395
6Dec 2026$13,927$293.49—$218.05$75.44$13,709$470
7Jan 2027$13,709$293.49—$219.23$74.26$13,490$544
8Feb 2027$13,490$293.49—$220.42$73.07$13,270$617
9Mar 2027$13,270$293.49—$221.61$71.88$13,048$689
10Apr 2027$13,048$293.49—$222.81$70.68$12,825$760
11May 2027$12,825$293.49—$224.02$69.47$12,601$829
12Jun 2027$12,601$293.49—$225.23$68.26$12,376$898
What this tool shows
  • Periodic payment, total interest, total paid, and payoff date
  • Extra-payment early payoff — interest saved and time saved
  • Interest-only, balloon, deferred lump-sum, and bond/present-value loans
  • Any payment frequency and compounding, in any currency
  • A full amortization schedule and a downloadable 7-sheet Excel report

A loan calculator estimates the payment required to repay borrowed money over a fixed term — plus the total interest, the total paid, and the payoff date. For a fixed-rate amortized loan, each payment includes interest plus principal, and extra payments reduce the principal, which can lower total interest and shorten the payoff time.

Quick answers

What is a loan calculator?

A loan calculator estimates the payment required to repay borrowed money over a fixed term, along with the total interest, the total amount paid, and the payoff date. This one also models extra payments, interest-only and balloon loans, deferred lump-sum loans, and bond/present-value calculations, with any payment frequency and compounding, and it builds a full amortization schedule.

How is a loan payment calculated?

For a fixed-rate amortized loan the payment is M = P × i(1+i)ⁿ ÷ ((1+i)ⁿ − 1), where P is the amount borrowed, i is the interest rate per payment period, and n is the number of payments. Each payment covers the interest due first, and the rest reduces the principal, so the balance falls to zero by the end of the term.

How do extra payments reduce interest and payoff time?

Extra payments reduce the outstanding principal directly. Because interest is charged on the balance, a lower balance means less interest accrues every following period, so the loan is repaid sooner and total interest falls. Extra principal paid early saves the most. This calculator shows the new payoff date, the months saved, and the interest saved versus the original schedule.

What is the difference between APR and the interest rate?

The interest rate is the base cost of borrowing and is what drives the payment and the amortization schedule. The APR (annual percentage rate) folds the interest rate together with certain lender fees into one yearly figure, so it is a better number for comparing offers. This calculator uses the interest rate; if you enter the rate without fees, the result is a principal-plus-interest estimate.

How to use this loan calculator

  1. Choose the loan type. Pick Standard for a normal amortized loan, or Extra payments, Deferred, Interest-only/Balloon, or Bond/Present value for other structures.
  2. Enter the loan. Add the amount, the interest rate or APR, and the term. The payment, total interest, and payoff date appear instantly.
  3. Adjust the advanced options. Optionally change the payment frequency, compounding, currency, or add extra payments to model an early payoff.
  4. Read the results and schedule. Check the result cards, the plain-English summary, the scenario comparison, and the full amortization schedule.
  5. Download the Excel report. Export the 7-sheet workbook — summary, inputs, schedule, yearly summary, scenarios, chart data, and methodology — to keep, share, or edit.

The five loan types this calculator covers

Standard loan payment

A normal amortized loan: a fixed payment each period covers interest first, then principal, until the balance reaches zero. The default for personal, auto, and student loans.

Extra payment / early payoff

A standard loan plus recurring, annual, or one-time extra principal. See the new payoff date, months saved, and interest saved — with an optional prepayment penalty.

Deferred payment loan

No payments during the term. Interest compounds and one lump sum — principal plus all interest — is due at maturity. Not a normal monthly-repayment loan.

Interest-only / balloon

Pay interest during the term, with the principal due later as a balloon. Lower payments at first, but the balloon must be repaid or refinanced.

Bond / maturity value

The present value of a fixed amount due in the future at a given discount rate — a bond or zero-coupon style calculation, not an ordinary consumer loan.

Loan formulas

Amortized payment

M = P × i(1+i)ⁿ / ((1+i)ⁿ − 1)

P is the amount borrowed, i the rate per payment period, n the number of payments. At a 0% rate it becomes M = P / n.

Rate per period

i = (1 + EAR)^(1/p) − 1

From the effective annual rate EAR = (1 + R/c)^c − 1 (or eᴿ − 1 if continuous). When compounding matches payments, i = R / p.

Interest & principal each period

interest = balance × i; principal = M − interest

Interest is charged on the balance; the rest of the payment (plus any extra) reduces it. Ending balance = MAX(0, balance − principal − extra).

Deferred lump sum

FV = P × (1 + R/c)^(c·t)

The amount due at maturity when no payments are made. For continuous compounding, FV = P·eᴿᵗ.

Bond / present value

PV = FV / (1 + R/c)^(c·t)

Today’s value of a fixed amount due at maturity. For continuous compounding, PV = FV / eᴿᵗ.

Interest-only & balloon

interest-only = P × i; balloon = balance at term end

You pay just the interest; the principal (or the balance left after partial amortization) is the balloon due at the end.

A complete guide to loan payments

What this loan calculator does

This calculator works out the periodic payment, the total interest, the total amount paid, the payoff date, and the full amortization for a fixed-rate loan. For a standard loan, each payment includes the interest due plus a slice of principal; as the balance falls, the interest slice shrinks and the principal slice grows, even though the payment stays the same.

Beyond a normal loan, it models extra-payment early payoff (interest saved and time saved), interest-only and balloon loans, deferred lump-sum loans where nothing is paid until maturity, and bond-style present-value calculations. It also lets you set any payment frequency and compounding convention, and shows the work as a schedule, charts, and a downloadable Excel report.

When to use this calculator

Use it to size up any fixed-rate installment loan before or after you borrow: a personal loan, an auto loan, a student loan, a small-business loan, or a fixed-rate mortgage (for a full housing payment with taxes and insurance, use a dedicated mortgage tool). It is well suited to comparing loan offers on equal terms and to estimating the impact of paying a loan off early.

The advanced modes cover less common but real structures: interest-only and balloon financing, a deferred loan where interest rolls up to a single maturity payment, and the present value of a fixed future sum (a bond or zero-coupon style calculation).

When not to rely on it alone

This is a fixed-rate model. It is not the right tool for variable or adjustable-rate loans once the rate changes, for credit-card or other revolving debt where the balance and minimum payment shift, or for loans with complex or tiered fees. It also does not include property taxes, homeowners or PMI insurance, or escrow.

For a legally binding figure — a payoff quote, an APR with all fees, or an adjustable-rate schedule — rely on your lender and your loan documents, not on any calculator.

APR vs the interest rate

The interest rate is the base cost of borrowing and is what this calculator uses to build the payment and schedule. The APR (annual percentage rate) is broader: it folds the interest rate together with certain loan fees, expressed as a yearly rate, so two offers can be compared on equal terms. Lenders are required to disclose the APR.

If you enter the interest rate without any fees, the result is a principal-plus-interest estimate. To compare offers that carry different fees, look at the APR — and use the dedicated APR calculator to turn a rate plus fees into a true APR.

Payment frequency: monthly, biweekly, weekly

Most loans are paid monthly, but paying more often can reduce total interest. With a true biweekly plan you make 26 half-payments a year — the equivalent of 13 monthly payments instead of 12 — so an extra payment goes to principal each year and the loan ends sooner. Weekly works similarly.

How much you actually save depends on how the lender compounds interest and applies each payment. Some "biweekly" programs simply hold your money and pay monthly, which saves nothing. Confirm the mechanics with your lender before assuming a benefit; this calculator lets you compare frequencies side by side.

Compounding frequency

Compounding is how often interest is added to the balance. Many consumer loans compound monthly, which is the default here and matches ordinary loan math. Daily compounding adds interest more often and slightly raises the effective annual rate and the cost; continuous compounding is the mathematical limit, used mainly in finance and as an upper bound.

When the compounding frequency matches the payment frequency, the per-period rate is simply the annual rate divided by the number of payments. When they differ, this calculator converts the rate through the effective annual rate so the result stays consistent. Check your loan agreement for the compounding convention your lender uses.

Extra payments and early payoff

Extra payments go straight to principal, which lowers the balance and therefore the interest charged every following period — so the loan ends sooner and costs less overall. Because interest is charged on the outstanding balance, extra principal paid early saves far more than the same amount paid near the end.

Before paying extra, check whether your loan has a prepayment penalty, and weigh extra payments against other priorities such as higher-interest debt or an emergency fund. This calculator models recurring, annual, and one-time extra payments and an optional prepayment penalty so you can see the net effect — it does not tell you whether paying extra is the right choice for your situation.

Worked examples

1. Standard personal loan

A $15,000 personal loan at 6.5% over 60 months (monthly payments, monthly compounding).

  • Payment: $293.49 a month
  • Total interest: about $2,609.55 — roughly 17.4% on top of what you borrowed
  • Total paid: about $17,609.55; the first payment is $81.25 interest and $212.24 principal
  • Interpretation: the payment is fixed, but early payments are slightly more interest-heavy; the split flips toward principal over time.
  • Common mistake: comparing this to an offer quoted by APR. If the other lender’s APR includes fees, compare APR to APR, not rate to rate.

2. Auto loan, 60-month term

A car costs $28,000 with a $3,500 down payment, so you finance $24,500 at 7.2% over 60 months.

  • Payment: $487.44 a month
  • Total interest: about $4,746.72 (about 19.4% of the amount financed)
  • Total paid: about $29,246.72 for the financing
  • Interpretation: a larger down payment lowers the financed amount and the total interest. A longer term lowers the payment but raises total interest.
  • Common mistake: stretching to a 72- or 84-month term just to lower the monthly payment — it can leave you owing more than the car is worth.

3. Extra payment example

A $20,000 loan at 9% over 48 months, adding $150 of extra principal every month.

  • Base payment: $497.70 a month; base total interest about $3,889.61
  • With $150/mo extra: you pay the loan off about 12 months early and save about $1,054 in interest
  • Interpretation: because interest is charged on the balance, extra principal early removes interest for every remaining month.
  • Common mistake: assuming you can always pay extra — check for a prepayment penalty first, which this calculator can net against the interest saved.

4. Deferred payment / lump sum example

A $10,000 deferred loan at 7%, compounded annually, with the full amount due in 3 years.

  • Payments during the term: none
  • Amount due at maturity: about $12,250.43
  • Total interest: about $2,250.43 — about 22.5% on top of the amount borrowed
  • Interpretation: nothing is repaid until maturity, so interest compounds on the whole balance and the lump sum is well above what you borrowed.
  • Common mistake: treating a deferred loan like a normal monthly loan — there is no monthly payment, just one large amount at the end.

Before using this for a real loan decision

This calculator is a planning tool. Before you commit to a loan or a payoff plan, run through this checklist:

  • Confirm the APR and all fees with the lender, not just the interest rate.
  • Check whether the loan has a prepayment penalty before planning extra payments.
  • Confirm the payment frequency and the first payment date.
  • Confirm whether interest compounds daily or monthly in your agreement.
  • For interest-only or balloon loans, plan how you will repay or refinance the balloon.
  • Request an official payoff quote from the lender before a final payment or refinance.

Assumptions, methodology & limitations

This calculator uses standard fixed-rate math. The nominal annual rate is converted to the rate per payment period through the effective annual rate, so the payment frequency and compounding frequency can differ; when they match, the per-period rate is simply the annual rate divided by the number of payments. Each period, interest is charged on the balance, the payment covers it first, and the remainder (plus any extra principal) reduces the balance. The final payment of a fully amortizing loan is trimmed so the balance ends at exactly zero.

Assumptions

  • The rate is fixed for the whole term unless you change it.
  • Payments are made in full and on schedule, with no late fees.
  • No taxes, insurance, escrow, or lender fees are included unless you build them into the amount or rate.
  • Interest compounds at the frequency you select; the default (monthly) matches most consumer loans.
  • Currency is rounded to the cent each period; the final payment is trimmed so a fully amortizing loan ends at exactly zero.
  • Results are estimates from the values you enter — not a lender quote or an offer of credit.

Limitations

  • It does not replace an official lender payoff quote.
  • It does not guarantee loan approval, a rate, or any specific terms.
  • It does not include all possible fees by default, so it is not a full APR.
  • Variable-rate and adjustable-rate loans behave differently once the rate changes.
  • Revolving debt (credit cards) and tax or accounting treatment are not modeled.
  • Results depend entirely on the values you enter.

What is not included: lender fees, escrow, property taxes, insurance, PMI, late payments, variable or changing interest rates, and lender-specific compounding or rounding rules, unless you build them into the amount, rate, term, or extra payments above.

Frequently asked questions

Can I use this for an auto loan?

Yes. Enter the amount financed (the price minus any down payment and trade-in), the rate, and the term — typically 36 to 72 months — and you will get the monthly payment, total interest, and a full schedule. For a true total cost, compare offers by APR rather than rate, since dealer financing fees can differ.

Can I use this for a personal loan?

Yes. Personal loans are usually fixed-rate installment loans, which is exactly what the standard mode models. Enter the loan amount, the rate or APR, and the term to see the payment, total interest, and payoff date, and compare offers side by side in the scenario panel.

Can I use this for a student loan?

For a fixed-rate student loan in standard repayment, yes — enter the balance, rate, and term for the payment and total interest. It does not model income-driven repayment plans, in-school deferment, subsidized interest, or forgiveness, which change the numbers substantially; check your servicer for those.

Can I use this for a business loan?

Yes, for a fixed-rate term loan with regular payments. Enter the principal, rate, and term to estimate the payment and total interest, and use the extra-payment or balloon modes if your loan has those features. It does not model lines of credit, variable rates, or fees, so confirm the full terms with your lender.

Why is my lender’s number different?

Small differences are normal. Lenders may include fees in an APR, use a different day-count or compounding convention, apply payments on specific dates, charge for escrow or insurance, or round differently. This calculator models principal and interest with the assumptions you choose, so use it as a close estimate and rely on your lender’s documents and payoff quote for exact figures.

Does this include fees, taxes, or insurance?

No. It models principal and interest only — the part that amortizes. Lender fees, property taxes, homeowners or PMI insurance, and escrow are not included unless you build them into the loan amount or rate. Leave them out when comparing loan offers on equal terms, and add them separately for a full monthly cost or use a dedicated mortgage calculator.

Why is my first payment mostly interest?

Interest is charged on the outstanding balance, which is at its highest at the start of the loan. So the first payments are mostly interest and only a little principal. As you pay the balance down, the interest charged each period falls and a larger share of the same fixed payment goes to principal — which is why the balance drops slowly at first, then faster.

What is a prepayment penalty?

A prepayment penalty is a fee some lenders charge if you pay off a loan early or make large extra payments, meant to recover interest they would otherwise have earned. Not every loan has one, and where they exist they are usually limited to the first few years. Check your loan agreement before paying extra — this calculator can net a prepayment penalty against the interest you would save.

Can I download the results to Excel?

Yes. The Download Excel report button builds a 7-sheet .xlsx workbook from your live inputs: a summary, the inputs and assumptions, the full amortization (or growth) schedule with real formulas, a yearly summary, a scenario comparison, the chart data, and the methodology and disclaimer. The schedule recalculates in Excel or Google Sheets if you edit the loan, and it is generated in your browser with no upload.

Related calculators

Tools that build on the same loan and interest math:

  • Amortization Schedule CalculatorBuild a full payment-by-payment schedule showing how each instalment splits between principal and interest.
  • APR CalculatorTurn a loan rate plus fees into the true annual percentage rate so you can compare offers on equal terms.
  • Auto Loan CalculatorCalculate a car-loan payment from price, down payment, trade-in, rate, and term, including the total cost of financing.
  • Personal Loan CalculatorEstimate repayments on an unsecured personal loan and see how the rate and term change what you pay overall.
  • Mortgage CalculatorEstimate monthly payments, interest, taxes, insurance, PMI, and amortization using practical home-loan assumptions.
  • Compound Interest CalculatorSee how savings grow as interest earns interest, with adjustable contributions and compounding frequency.

Sources & methodology

Loan inputs are user-entered and results are estimates, not a lender quote — see assumptions & limitations above. Links open in a new tab.

Last reviewed: 14 June 2026. Formula and assumptions reviewed for accuracy. First published 8 June 2026.

Finance disclaimer

This calculator is for educational and planning purposes only. It is not financial, lending, tax, accounting, or legal advice and is not a lender quote. It models principal and interest using standard fixed-rate math. Actual lender results can differ because of fees, APR, escrow, taxes, insurance, payment timing, compounding conventions, prepayment rules, late payments, and rounding. Verify with your lender or loan documents, and request an official payoff quote, before deciding.

Built and maintained by Calculator Matters, an independent calculator project. Method checked against standard loan formulas and CFPB guidance · How we calculate · Found an error? [email protected]

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