Estimate your loan payment and total interest
Enter the loan amount, annual interest rate, and term to see your monthly payment, total interest, and total repayment instantly. Add an optional extra monthly payment to see how much faster the loan pays off and how much interest you save, with a year-by-year amortization table.
What the calculator shows
Monthly payment
The fixed payment from the amortizing-loan formula, based on amount, rate, and term.
Total interest and repayment
How much interest you will pay over the life of the loan, and the full amount repaid.
Extra-payment simulation
Shortened payoff time and interest saved when you add a monthly extra payment.
Yearly schedule
A year-by-year table of principal paid, interest paid, and remaining balance.
1. Enter your loan terms
- Type the loan amount, annual interest rate, and term.
- Switch the term unit between years and months if needed.
- Press Calculate to see the monthly payment, total interest, and payoff schedule.
2. Test an extra payment
- Enter an extra amount in the monthly extra payment field — even a small one.
- Recalculate to see the new payoff time and the interest saved versus the baseline.
- Try a few amounts to find a tradeoff between monthly budget and total interest.
Reading the yearly schedule
- Each row shows one year: principal repaid, interest paid, and remaining balance.
- Early years are interest-heavy; later years shift toward principal — that is how amortization works.
- Compare the total interest row with and without an extra payment to see the savings.
Important: estimates only, not financial advice
This calculator and guide are for estimation and education only. They are not financial advice. Results assume a fixed interest rate and ignore fees, taxes, insurance, and variable-rate changes. Actual loan terms depend on your lender — confirm everything with them before signing.
Sources
FAQ
How is the monthly payment calculated?
With the standard fixed-rate amortizing 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. A zero rate falls back to a simple division.
What does the extra payment do?
It adds to each monthly payment and applies the surplus to principal, which shortens the payoff time. The tool compares against the no-extra baseline and shows the interest you save.
Does the result include fees, taxes, or insurance?
No. The calculation covers principal and interest only. Origination fees, insurance, and taxes are not included, so treat the result as an estimate.
Can I enter the term in months instead of years?
Yes. Use the term unit selector to switch between years and months — useful for short-term loans.
Is this financial advice?
No. The calculator produces estimates from the numbers you enter. It is not financial advice; confirm final terms with your lender.