Loan Calculator
Calculate monthly loan payments, total interest, and a full amortization schedule. Compare the impact of extra payments and find how much you can afford.
Monthly Payment
$1,896.20
Total Interest
$382,633.47
Total Paid
$682,633.47
Payoff
Apr 2056
Cost Breakdown
Amortization Schedule
| # | Date | Payment | Principal | Interest | Balance |
|---|---|---|---|---|---|
| 1 | May 2026 | $1,896.20 | $271.20 | $1,625.00 | $299,728.80 |
| 2 | Jun 2026 | $1,896.20 | $272.67 | $1,623.53 | $299,456.12 |
| 3 | Jul 2026 | $1,896.20 | $274.15 | $1,622.05 | $299,181.97 |
| 4 | Aug 2026 | $1,896.20 | $275.64 | $1,620.57 | $298,906.34 |
| 5 | Sep 2026 | $1,896.20 | $277.13 | $1,619.08 | $298,629.21 |
| 6 | Oct 2026 | $1,896.20 | $278.63 | $1,617.57 | $298,350.58 |
| 7 | Nov 2026 | $1,896.20 | $280.14 | $1,616.07 | $298,070.44 |
| 8 | Dec 2026 | $1,896.20 | $281.66 | $1,614.55 | $297,788.79 |
| 9 | Jan 2027 | $1,896.20 | $283.18 | $1,613.02 | $297,505.60 |
| 10 | Feb 2027 | $1,896.20 | $284.72 | $1,611.49 | $297,220.89 |
| 11 | Mar 2027 | $1,896.20 | $286.26 | $1,609.95 | $296,934.63 |
| 12 | Apr 2027 | $1,896.20 | $287.81 | $1,608.40 | $296,646.82 |
| Total (360 months) | $682,633.47 | $300,000.00 | $382,633.47 | $0.00 | |
Balance Over Time
Compare Personal Loan Rates
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How to Calculate Loan Payments
Loan payments are calculated using the amortization formula:
M = P × [r(1 + r)ⁿ] / [(1 + r)ⁿ − 1]
Where M = monthly payment, P = principal (loan amount), r = monthly interest rate (annual rate ÷ 12), and n = total number of monthly payments.
Early in the loan, most of each payment goes toward interest. Over time, as the principal decreases, a larger portion goes toward paying down the principal. This is why making extra payments early can save significant money.
Understanding Your Loan
• Fixed vs Variable Rate: Fixed rates stay the same for the life of the loan. Variable rates can change, making payments unpredictable.
• APR vs Interest Rate: APR includes fees and other costs, giving a more complete picture of borrowing cost. The interest rate is just the base charge for borrowing.
• Amortization: The process of spreading payments over time. An amortization schedule shows exactly how each payment is split between principal and interest.
• Early Payoff: Paying off a loan early reduces total interest dramatically. Even small extra payments create compound savings because they lower the balance that future interest is calculated on.
Tips to Pay Off Loans Faster
• Extra payments: Even $50–$100/month extra goes entirely toward principal, shaving years off your loan.
• Bi-weekly payments: Pay half your monthly amount every two weeks. You'll make 26 half-payments (13 full payments) instead of 12.
• Refinance: If rates have dropped, refinancing to a lower rate can save thousands — especially early in the loan term.
• Round up: Round your payment to the next $50 or $100. Small increases add up significantly over the loan's life.
• Apply windfalls: Tax refunds, bonuses, or gifts applied to the principal create dramatic savings.
Types of Loans
| Loan Type | Typical Term | Typical Rate | Secured? |
|---|---|---|---|
| Mortgage | 15–30 years | 6–7% | Yes |
| Auto Loan | 3–7 years | 4–7% | Yes |
| Personal Loan | 2–5 years | 6–12% | No |
| Student Loan | 10–25 years | 4–7% | No |
| Home Equity | 5–30 years | 7–9% | Yes |