Loan Calculator
Monthly payments, total interest and payoff schedules.
About this tool
Work out monthly repayments for any loan — mortgage, car, personal or student. See the full amortisation table, total interest and how extra payments shorten the term.
How it works
The calculator applies the standard monthly-payment formula, then builds a full amortisation schedule where each payment splits between interest and principal. Extra payments reduce principal early, accelerating payoff and cutting total interest.
How to use Loan Calculator
- 1Enter the loan amount.
- 2Set the annual interest rate and loan term in years.
- 3Optionally add a monthly extra payment.
- 4Read your monthly payment, total interest and the payoff schedule.
Examples
A 300,000 loan at 5% for 30 years costs 1,610/month and 279,767 in interest.
Adding 200/month to that loan saves about 12 years and ~100,000 in interest.
A 20,000 car loan at 6% for 5 years is 387/month.
Pro tips
- Extra payments go entirely to principal, which is why they save so much interest.
- Compare 15- and 30-year terms — the shorter term almost always costs far less.
- The table shows every payment, so you can see the balance drop year by year.
Frequently asked questions
How is the monthly payment calculated?
With the standard amortisation formula: P × r(1+r)ⁿ / ((1+r)ⁿ−1), where P is principal, r is the monthly rate and n is the number of payments.
Do extra payments reduce my monthly payment or the term?
By default they shorten the term. Some lenders allow a lower payment instead — ask yours.
Does this include taxes and insurance?
No. It covers principal and interest only. Property taxes and insurance are separate.
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