Loan Calculator
Monthly payment, total interest, amortization schedule — plus what extra payments save you.
With the extra payment: debt-free — of interest saved, sooner.
Amortization schedule
Yearly rows — click a year to expand its months.
| Period | Payment | Principal | Interest | Balance |
|---|
Estimates only — not financial advice. Taxes, insurance, and fees are not included.
How to use the loan calculator
- Enter the loan details. Amount, annual interest rate, and term in years.
- Optionally add an extra monthly payment. See exactly how much interest and time it saves.
- Press Calculate. Monthly payment, total interest, and total cost appear instantly.
- Explore the schedule. Click any year to expand its twelve monthly payments and watch principal take over from interest.
Frequently asked questions
How is the monthly payment calculated?
With the standard amortization formula: payment = P × r(1+r)^n / ((1+r)^n − 1), where P is the loan amount, r the monthly rate, and n the number of payments.
What is an amortization schedule?
A payment-by-payment breakdown. Each fixed payment is split into interest (on the remaining balance) and principal; early payments are mostly interest, and the principal share grows over time.
How do extra monthly payments save money?
Extra money goes straight against the principal, so less interest accrues each month. That shortens the loan and can save thousands in interest — the calculator shows both.
What if my interest rate is 0%?
Then the payment is simply the loan amount divided by the number of months — no interest accrues. The calculator handles this without errors.
Does this include taxes, insurance, or fees?
No — it covers principal and interest only. A mortgage quote with tax and insurance escrow will be higher.
Is this financial advice?
No. These are estimates for planning only, not financial advice. Terms vary by lender; confirm with yours before borrowing.
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