Finance calculator
Loan Calculator
Estimate payment amount, total interest, payoff time, extra payment savings, and amortization schedule for installment loans.
Loans
Payoff planning
Amortization
Calculator
Enter your numbers
Choose a payment frequency, add extra payments if needed, and compare the payoff impact.
Inputs
Adjust the loan details below.
Results
Moderate
Loan summary
Quick take
This loan cost looks moderate based on the current rate, term, and payment assumptions.
Base Payment
$500.47
Extra Per Period
$0.00
Interest Saved
$0.00
Time Saved
0 Periods
Check values
Loan amount must be greater than zero to calculate a payment.
Comparison
Base vs extra-payment payoff
See how extra payments change total interest and payoff timing.
Without extra payments
Payment
$500.47
Total Interest
$5,028.23
Total Paid
$30,028.23
Payoff Time
5.00 Years
With extra payments
Payment
$500.47
Total Interest
$5,028.23
Total Paid
$30,028.23
Payoff Time
5.00 Years
Amortization
Payment schedule
Review how each payment is split between interest and principal.
| Period | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| Enter values to see the amortization schedule. | ||||
How loan payments are calculated
Payment, interest, and payoff all move together
A loan payment is based on principal, rate, and term. Higher rates and longer terms generally increase total interest, while extra payments usually shorten payoff time.
Payment
Standard amortized loan payment formula
Total Interest
Total Paid − Loan Amount
Amortization
Shows how each payment reduces interest and balance over time
When to use it
Useful before borrowing or refinancing
Estimate your real payment
Use this before taking out a personal, auto, or business loan so you know what the recurring payment looks like.
Compare rates and terms
See how a lower rate or shorter term can change both your payment and total interest paid.
Test extra payments
Check whether paying more each period can shorten the loan enough to save meaningful interest.
Loan FAQ
Frequently asked questions
Quick answers to common questions about this calculator and how to use it.
What does this loan calculator estimate?
This calculator estimates payment amount, total interest, total paid, payoff time, extra payment savings, and an amortization schedule.
Can extra payments reduce total interest?
Yes. Extra payments can reduce total interest and shorten payoff time because more principal is paid sooner.
What is an amortization schedule?
An amortization schedule shows each payment period and how much goes toward interest, principal, and remaining balance.
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