Loan Payment Calculator
Calculate monthly loan payments, total interest, and loan amortization schedule. Perfect for personal loans, auto loans, student loans, and financial planning decisions.
Loan Payment Results
Monthly Payment
Total Interest
Total Amount
Payoff Time
Loan Summary
How the Loan Payment Calculator Works
Enter Loan Details
Input the loan amount, annual interest rate, and loan term. Choose between months or years for the term unit.
Select Payment Frequency
Choose how often you'll make payments: monthly, bi-weekly, or weekly. Different frequencies affect total interest paid.
Add Extra Payments (Optional)
Include any extra payments you plan to make. Extra payments reduce total interest and shorten the loan term.
View Payment Schedule
See your payment amount, total interest, total cost, and payoff time. Use this information for financial planning.
Compare Scenarios
Try different loan terms, interest rates, or extra payments to find the best option for your budget.
Frequently Asked Questions
Monthly payment is calculated using the formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where P is principal, r is monthly interest rate, and n is number of payments. This ensures equal payments throughout the loan term.
The term unit affects how the calculator interprets your input. If you enter "5" with "years," it's a 5-year loan (60 months). If you enter "60" with "months," it's the same loan. Choose the unit that's most convenient for your input.
Extra payments go directly toward the principal balance, reducing total interest and shortening the loan term. Even small extra payments can save thousands in interest over the life of the loan.
Bi-weekly payments (26 per year) result in one extra monthly payment annually, reducing interest and loan term. Weekly payments provide even more savings but require careful budgeting. Monthly is most common and convenient.
This calculator works for fixed-rate loans with equal payments (amortizing loans) like personal loans, auto loans, and mortgages. It doesn't apply to credit cards, lines of credit, or variable-rate loans.