Loan Calculator
Calculate your monthly payment, total interest, and total repayment amount for any personal loan, auto loan, student loan, or installment debt. Enter the loan amount, interest rate, and term to get instant results.
Formulas, assumptions, and rounding are documented in our calculator methodology.
Solve For
Payment Frequency View
Monthly Equivalent
$311.06
Base monthly payment $311.06
Loan Summary
- Monthly Payment
- $311.06
- Projected Interest Paid
- $1,198.24
- Projected Total Cost
- $11,198.24
$10,000.00
Loan Amount
$1,198.24
Projected Interest
3 yr
Payoff Time
Principal vs. Interest
Extra Payment Impact
- Scheduled Monthly Payment
- $311.06
- Extra Principal Each Month
- $0.00
- Total Monthly Paid
- $311.06
- Payoff With Extra
- 3 yr
- Time Saved
- 0 mo
- Interest Saved
- $0.00
Payment Frequency Options
- Monthly equivalent
- $311.06
- Biweekly equivalent
- $143.57
- Weekly equivalent
- $71.78
Loan Amortization Schedule
| # | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $311.06 | $248.56 | $62.50 | $9,751.44 |
| 2 | $311.06 | $250.12 | $60.95 | $9,501.32 |
| 3 | $311.06 | $251.68 | $59.38 | $9,249.64 |
| 4 | $311.06 | $253.25 | $57.81 | $8,996.39 |
| 5 | $311.06 | $254.83 | $56.23 | $8,741.56 |
| 6 | $311.06 | $256.43 | $54.63 | $8,485.13 |
| 7 | $311.06 | $258.03 | $53.03 | $8,227.10 |
| 8 | $311.06 | $259.64 | $51.42 | $7,967.46 |
| 9 | $311.06 | $261.27 | $49.80 | $7,706.19 |
| 10 | $311.06 | $262.90 | $48.16 | $7,443.29 |
| 11 | $311.06 | $264.54 | $46.52 | $7,178.75 |
| 12 | $311.06 | $266.19 | $44.87 | $6,912.56 |
| 13 | $311.06 | $267.86 | $43.20 | $6,644.70 |
| 14 | $311.06 | $269.53 | $41.53 | $6,375.16 |
| 15 | $311.06 | $271.22 | $39.84 | $6,103.95 |
| 16 | $311.06 | $272.91 | $38.15 | $5,831.03 |
| 17 | $311.06 | $274.62 | $36.44 | $5,556.42 |
| 18 | $311.06 | $276.33 | $34.73 | $5,280.08 |
| 19 | $311.06 | $278.06 | $33.00 | $5,002.02 |
| 20 | $311.06 | $279.80 | $31.26 | $4,722.22 |
| 21 | $311.06 | $281.55 | $29.51 | $4,440.67 |
| 22 | $311.06 | $283.31 | $27.75 | $4,157.36 |
| 23 | $311.06 | $285.08 | $25.98 | $3,872.29 |
| 24 | $311.06 | $286.86 | $24.20 | $3,585.42 |
How Loan Amortization Works
Every monthly payment covers two things: the interest that accrued since your last payment, and a reduction in your principal balance. In early payments, most of the money goes to interest because the balance is high. As the balance decreases, each payment covers less interest and more principal. This is amortization — by the final payment, nearly all of it is principal. Understanding amortization helps explain why making extra payments early in a loan saves the most interest.
Loan Payment Formula Explained
M = P × [r(1+r)^n] / [(1+r)^n − 1]. P = principal (amount borrowed). r = monthly interest rate = annual rate ÷ 12. n = total number of monthly payments = years × 12. Example: $15,000 loan, 8% annual rate, 3 years. r = 0.08 ÷ 12 = 0.00667. n = 36. Monthly payment ≈ $470. Total paid: $16,920. Total interest: $1,920.
Types of Loans This Calculator Supports
This calculator works for any fixed-rate installment loan where you borrow a lump sum and repay in equal monthly payments: personal loans, auto loans, student loans, home equity loans (HELOCs use a different structure), and small business loans. It does not apply to revolving credit (credit cards) or adjustable-rate loans where the payment changes over time.
How Extra Payments Save Interest
Making extra principal payments is one of the highest-ROI financial moves available. On a $20,000 personal loan at 10% APR over 5 years: standard monthly payment = $425, total interest = $5,500. Add $100/month extra: pays off in 41 months (saves 19 months), total interest = $4,200 (saves $1,300). Add $200/month extra: pays off in 34 months, total interest = $3,200 (saves $2,300). The earlier you make extra payments, the more you save — because you are reducing the principal on which future interest accrues.
Shorter Term vs. Extra Payments: Which Is Better?
Choosing a shorter loan term at the start locks you into a higher required payment — which can strain your budget if income drops. Making extra payments on a longer-term loan achieves a similar payoff speed but with more flexibility: you can scale back to the minimum if finances tighten. For borrowers with variable income, the flexibility of a longer-term loan with voluntary extra payments is often the safer approach. For borrowers with stable income who want to minimize total interest, the shorter term often carries a lower interest rate as well.
Frequently Asked Questions
- Monthly payment = P × [r(1+r)^n] / [(1+r)^n − 1], where P is loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of payments (years × 12). This is the standard amortization formula used by all lenders.
- The interest rate is the annual cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus origination fees and other loan costs, giving a more complete cost-of-borrowing comparison between lenders.
- Yes. Any extra payment above the minimum goes directly to reducing your principal balance. A lower balance means less interest accrues, which reduces total interest paid and can shorten your loan term significantly.
- Personal loan rates vary widely by credit score, lender, and loan amount — typically 6–36% APR. Borrowers with excellent credit (720+) often qualify for rates under 10%. Always compare at least 3 lenders before accepting an offer.
- A longer term means lower monthly payments but more total interest paid. A shorter term means higher monthly payments but significant interest savings. Use this calculator to compare the same loan amount across different terms to see the exact trade-off.