Loan Calculator with Amortization Schedule
Free calculator · clear working
Calculate a fixed-rate loan payment, total interest, and the cost of borrowing. Add an extra monthly payment to see how much sooner you could pay off the loan.
Go to the calculator ↓Runs in your browser. No account needed. Calculator inputs stay on this page and are not sent to a calculation server.
Use the Loan Calculator
How to use this calculator
Enter the amount actually borrowed, the fixed annual interest rate, and the term in months. Use the interest rate, not a fee-inclusive APR. Optional extra payments are applied to principal after each scheduled payment.
Formula and method
Monthly payment = P × r ÷ [1 − (1 + r)^(−n)], where r is the annual interest rate divided by 1,200 and n is the number of monthly payments. At 0% interest, payment = P ÷ n.
Worked example
A USD 20,000 loan at 7% annual interest over 60 months has a scheduled monthly payment of about USD 396.02. Without extra payments, total interest is about USD 3,761.44. Try an extra USD 50 per month and compare the payoff time.
Assumptions and limits
Assumes monthly interest and payments at the end of each month. Fees, daily interest, late charges, payment holidays, and prepayment penalties are excluded. Figures are estimates, not a lender quote. The final payment is capped at the remaining balance plus interest.
Common questions
Does a longer loan term lower the payment?
Usually, yes, when the amount and rate stay the same. However, spreading payments over more months generally increases total interest.
Is APR the same as the interest rate?
No. APR can include fees. This calculator models interest charged on the balance and excludes fees, so enter the stated interest rate.
Related calculators
Method reference: Consumer Financial Protection Bureau. Formula and tool checked October 31, 2026. Results are rounded for display.
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