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Loan Payment Calculator

Estimate monthly loan payments with interest, term length, and repayment details.

Detailed calculator

Loan Payment Calculator

Calculate a fixed-rate monthly payment, compare extra principal payments and download the complete month-by-month amortization schedule.

Calculated result

Monthly with extra

$600.95

Interest saved

$1,013.61

MONTHLY LOAN PAYMENT
Scheduled payment: $500.95
Payment with extra principal: $600.95

PAYOFF COMPARISON
Original payoff: 60 months
Payoff with extra: 49 months · October 2030
Time saved: 11 months
Interest without extra: $5,056.92
Interest with extra: $4,043.31
Interest saved: $1,013.61
Total repaid with extra: $29,043.31

FIRST PAYMENT
Principal: $444.70
Interest: $156.25
Balance: $24,555.30
Download .txt file
This models a fully amortizing fixed-rate loan with monthly payments and compounding. It excludes fees, taxes, insurance, variable rates and lender-specific rounding.

First 12 months of the amortization schedule

Every payment is divided between interest and principal. The downloadable CSV contains the full payoff schedule, not only the rows shown here.

MonthPaymentPrincipalInterestBalance
1$600.95$444.70$156.25$24,555.30
2$600.95$447.48$153.47$24,107.82
3$600.95$450.27$150.67$23,657.55
4$600.95$453.09$147.86$23,204.46
5$600.95$455.92$145.03$22,748.54
6$600.95$458.77$142.18$22,289.77
7$600.95$461.64$139.31$21,828.13
8$600.95$464.52$136.43$21,363.61
9$600.95$467.43$133.52$20,896.18
10$600.95$470.35$130.60$20,425.83
11$600.95$473.29$127.66$19,952.55
12$600.95$476.25$124.70$19,476.30
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Loan comparison

Extra loan payments vs a shorter loan term

Understand the difference, see worked examples and check the assumptions before using your result.

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Tool guide

How to use the Loan Payment Calculator

Use the Loan Payment Calculator to estimate monthly payments, compare loan terms, understand interest costs, and see how repayment changes when you adjust the loan amount, interest rate, loan term, or extra payment.

People also use this tool for

People also use this loan payment calculator to compare personal loans, car loans, student loans, home improvement loans, extra monthly payments, shorter loan terms, longer loan terms, total repayment, and estimated interest before speaking with a lender.

What this tool is useful for

  • Compare personal loans, car loans, student loans, home improvement loans, or other fixed-payment loans.
  • Check whether a monthly payment fits your budget before you borrow.
  • Understand the bigger cost of a loan, not just the monthly payment.

Practical example

Enter the loan amount, interest rate, loan term, and optional extra monthly payment. Then compare the estimated monthly payment, total repayment, and total interest.

Helpful tips

  • A lower monthly payment often comes from a longer loan term.
  • A longer loan term can increase total interest over the life of the loan.
  • Use the result as an estimate and check real offers with the lender before borrowing.

Related tools and next steps

Debt Payoff Calculator, Mortgage Payment Calculator, Budget Calculator, Compound Interest Calculator, Finance Tools

Common questions this tool can help answer

Common loan questions this calculator can help answer

  • What will my monthly loan payment be?
  • How much interest will I pay?
  • Is a 3-year or 5-year loan cheaper overall?
  • How does an extra monthly payment change the loan?
  • What loan amount fits my budget?

Sources and methodology

The formulas, standards, and reference information on this page are checked against the authoritative sources below. External references open the original source.

Frequently asked questions

What does the Loan Payment Calculator do?

The Loan Payment Calculator helps you estimate monthly payments, compare loan terms, understand interest costs, and see how repayment changes when you adjust the loan amount, interest rate, loan term, or extra payment.

When should I use the Loan Payment Calculator?

Use it before comparing personal loans, car loans, student loans, home improvement loans, or other fixed-payment loans. It can help you understand whether a monthly payment fits your budget before you borrow.

How do I use the Loan Payment Calculator?

Enter the loan amount, interest rate, loan term, and optional extra monthly payment. Then compare the estimated monthly payment, total repayment, and total interest so you can see the bigger cost of the loan.

Why does a lower monthly payment sometimes cost more?

A lower monthly payment often comes from a longer loan term. That can make the payment easier each month, but it may increase the total interest you pay over the full life of the loan.

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