Free Loan Calculator with Amortization Schedule
Calculate monthly loan payments, total interest paid, and full amortization schedule. Supports extra payments, comparison mode, and CSV export. Free, instant, no signup.
Monthly Payment
$489.15
Principal vs Interest
Balance Over Time
Amortization Schedule
| # | Date | Payment | Principal | Interest | Balance |
|---|---|---|---|---|---|
| 1 | Aug 2026 | $489.15 | $353.74 | $135.42 | $24,646.26 |
| 2 | Sep 2026 | $489.15 | $355.65 | $133.50 | $24,290.61 |
| 3 | Oct 2026 | $489.15 | $357.58 | $131.57 | $23,933.03 |
| 4 | Nov 2026 | $489.15 | $359.52 | $129.64 | $23,573.51 |
| 5 | Dec 2026 | $489.15 | $361.46 | $127.69 | $23,212.05 |
| 6 | Jan 2027 | $489.15 | $363.42 | $125.73 | $22,848.63 |
| 7 | Feb 2027 | $489.15 | $365.39 | $123.76 | $22,483.24 |
| 8 | Mar 2027 | $489.15 | $367.37 | $121.78 | $22,115.87 |
| 9 | Apr 2027 | $489.15 | $369.36 | $119.79 | $21,746.51 |
| 10 | May 2027 | $489.15 | $371.36 | $117.79 | $21,375.15 |
| 11 | Jun 2027 | $489.15 | $373.37 | $115.78 | $21,001.78 |
| 12 | Jul 2027 | $489.15 | $375.39 | $113.76 | $20,626.38 |
This calculator provides estimates for informational purposes only. Actual loan terms may vary by lender. Consult a financial professional before making financial decisions.
What is a Loan Calculator?
A loan calculator computes your monthly payment, total interest paid, and amortization schedule based on three inputs: loan amount (principal), annual interest rate, and loan term. It applies the standard amortization formula used by every bank and lender to give you an accurate picture of what any loan will cost over its lifetime.
How Loan Payments Are Calculated
Every regular (fixed-rate) loan uses this amortization formula:
M = P[r(1+r)^n] / [(1+r)^n – 1]Where M is the monthly payment, P is the principal, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of payments (years × 12). Each month, the interest portion equals the outstanding balance × monthly rate; the remainder of your payment reduces the principal. Early payments are mostly interest; later payments are mostly principal.
How to Use This Loan Calculator (4 Steps)
- Enter your loan amount — the amount you are borrowing (before any down payment).
- Enter the interest rate — your annual interest rate, found on your loan offer or statement.
- Set the term — the number of years to repay the loan (e.g. 5 for a typical auto loan, 30 for a mortgage).
- Optionally add extra payments — see how much interest you save and how many months earlier you pay off the loan.
Types of Loans You Can Calculate
Personal Loans
Unsecured personal loans typically range from $1,000–$50,000 with terms of 1–7 years and rates of 6%–36% depending on credit score. Use this calculator to compare offers from different lenders before signing.
Auto Loans
Auto loans typically run 36–72 months at rates of 4%–12%. A longer term lowers your payment but significantly increases total interest — use the amortization table to see the full cost of each option.
Student Loans
Federal student loans for 2024–25 carry rates of 6.53%–9.08% with standard 10-year repayment. Income-driven plans change the calculation, but this tool handles the standard case. Add extra payments to model aggressive payoff strategies.
Small Business Loans
SBA loans typically carry rates of 7%–11% with terms of 5–25 years. This calculator handles any combination — enter your offered terms to compare total cost of capital.
Home Equity Loans
Fixed-rate home equity loans (distinct from HELOCs) work exactly like personal loans and are fully supported by this calculator. Enter the lump-sum amount, rate, and term to see your exact monthly payment.
Tips to Save Money on Your Loan
- Make extra principal payments — even $50/month extra on a $25,000 loan saves hundreds in interest
- Pay biweekly — splitting your monthly payment in half, paid every two weeks, results in one extra payment per year
- Refinance when rates drop — if market rates fall 1%+, refinancing can save thousands over the loan life
- Set up autopay — many lenders offer a 0.25% rate discount for automatic payments
- Choose a shorter term — a 3-year auto loan versus a 5-year loan costs more per month but far less in total interest
Worked Example
Scenario: $25,000 personal loan at 7% annual interest for 5 years.
- Monthly payment: $495.03
- Total paid over 5 years: $29,701.80
- Total interest: $4,701.80
- Adding $100/month extra: payoff in 4 years 1 month, saving $871 in interest