Loan Calculator

Enter a loan amount, interest rate, and term to see your payment and the total interest. The loan calculator also draws the balance over time and a full amortization schedule.

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Estimate only. Not financial advice.

How to use the Loan Calculator

  1. Enter the Loan amount, the yearly Interest rate, and the Loan term in years or months.
  2. Choose how often you pay under Payments, and the month of your First payment to get real dates.
  3. Press Calculate. Your payment appears first, then total interest, total paid, and the payoff date. The chart and the schedule are below.

How it works

payment = L × i ÷ (1 − (1 + i)^−n)
interest this period = balance × i
principal this period = payment − interest
  • L: the amount borrowed
  • i: the interest rate per payment period (yearly rate ÷ 12 for monthly payments)
  • n: the number of payments

When the rate is 0, the payment is L ÷ n. Every early payment is mostly interest; the share of principal grows each month until the balance reaches zero.

Examples

  • $10,000 at 5% for 3 years: $299.71 a month, and $789.52 in total interest.
  • $25,000 at 7% for 5 years: $495.03 a month and $4,701.80 in interest.
  • $10,000 at 5% for 3 years paid every two weeks: $138.18 per payment and $778.34 in interest.

Shorter term or lower payment?

Stretching a loan lowers the payment but raises the total cost. The same $25,000 at 7% costs $495.03 a month over 5 years, but more interest overall than a 3-year loan with a bigger payment. Before choosing the longest term, compare the Total interest line for each option.

Limitations

  • Assumes a fixed rate and equal payments. Variable-rate loans change over time.
  • Fees, insurance, and taxes charged by the lender are not included. Use the APR calculator to see what fees add.
  • Biweekly and weekly options divide the yearly rate by 26 or 52. Some lenders compute interest daily, which can differ by a few cents.

Frequently asked questions

How is a loan payment calculated?

With the standard annuity formula: payment = L × i ÷ (1 − (1 + i)^−n), where L is the amount, i the rate per period, and n the number of payments.

How much interest will I pay?

Total interest is all payments added together minus the amount borrowed. For $10,000 at 5% over 3 years, that is $789.52.

Does paying every two weeks save money?

Slightly, because interest has less time to build. It saves more when 26 half-payments add up to one extra monthly payment a year.

Often used together with the Loan Calculator.