About the Loan Calculator
The Loan Calculator estimates what a fixed-rate loan costs. Enter the amount, the yearly interest rate and the term, and it shows the regular payment, the total interest, the total you will pay back and the month the loan is paid off. A full amortization schedule shows how every payment splits into principal and interest, by year or payment by payment.
Use it to compare offers before you sign, to see how much a shorter term saves, or to find out what an extra $100 or $200 a month would do. It works for mortgages, car loans, student loans and personal loans, with monthly, every-two-weeks or weekly payments.
The results are estimates based on the numbers you enter, not financial advice. Real loans can include fees, insurance, taxes or a rate that changes over time, so always compare with the official disclosure from your lender. Everything is calculated in your browser.
How to use it
- Enter the loanType the loan amount, the yearly interest rate and the term in years, plus extra months if needed. Or click Mortgage, Car loan or Personal loan for a typical example.
- Choose how often you payPick Monthly, Every two weeks or Weekly, and the currency to show.
- Set the first paymentFirst payment starts at next month. Change it to see the real payoff date and dates in the schedule.
- Read the resultsThe top row shows the payment, total interest, total paid and payoff date. The bar shows how much of what you pay is principal and how much is interest.
- Test extra payments and exportEnter an extra amount per payment to see the interest you save and how much sooner you finish. Download the schedule as CSV.
Key features
Standard amortization
Fixed payments that cover each period's interest first, with the rest paying down the balance, the way most fixed-rate loans work.
Full schedule
Every payment with its date, principal, interest and remaining balance, or a summary by year.
Extra payments
See how much interest an extra amount each period saves and how many payments it removes.
Three payment frequencies
Monthly, every two weeks (26 payments a year) and weekly (52 a year).
Rounded like a real loan
Interest is rounded to the smallest unit of the currency each period (the cent, or the whole yen), and the last payment absorbs what is left over, so the balance ends at exactly zero.
Eleven currencies and CSV export
Show amounts in dollars, euros, pounds, rupees, yen and six more, or as plain numbers, and download the schedule for a spreadsheet.
Examples
How the payment is calculated
For a fixed-rate loan, the regular payment is:
payment = amount × r ÷ (1 − (1 + r)^−n)In plain words: r is the interest rate for one period, which is the yearly rate divided by the number of payments per year. n is the total number of payments. The formula finds the one fixed payment that pays exactly the interest due each period and clears the balance with the last payment. With a 0% rate, the payment is simply the amount divided by the number of payments.
A 30-year mortgage
The Mortgage example: $250,000 at 5.5% for 30 years, paid monthly, first payment in November 2026. The monthly rate is 5.5% ÷ 12 = 0.4583%, and there are 30 × 12 = 360 payments.
| Result | Value |
|---|---|
| Monthly payment | $1,419.47 |
| Total interest | $261,011.50 |
| Total paid | $511,011.50 |
| Paid off | Oct 2056 |
The first payment is $1,145.83 interest ($250,000 × 0.4583%) and only $273.64 principal. By the last payment, it is almost all principal. That is why the balance falls slowly at first: after the first year it is still $246,632.30. The final payment is $1,421.77, a little higher than the rest, because it picks up the cents left over from rounding.
Shorter terms and extra payments
| Same $250,000 at 5.5% | Payment | Total interest | Paid off |
|---|---|---|---|
| 30 years | $1,419.47 | $261,011.50 | Oct 2056 |
| 30 years, $200 extra a month | $1,619.47 | $185,394.91 | Mar 2049 |
| 15 years | $2,042.71 | $117,687.31 | Oct 2041 |
The extra $200 a month saves $75,616.59 in interest and ends the loan 91 payments early. In practice, a 15-year mortgage usually also comes with a lower rate, which saves even more.
Every two weeks
With Every two weeks, the rate is divided by 26: the payment is $654.82 and the total interest $260,768.38, close to paying monthly. Many lenders' "biweekly plans" instead charge half the monthly payment every two weeks, which adds up to one extra monthly payment a year. To model that, add $54.92 as an extra payment (to reach $709.74, half of $1,419.47): total interest drops to $209,128.03 and the loan ends in August 2051.
Car and personal loans
| Example | Payment | Total interest |
|---|---|---|
| Car loan: $28,000, 7.9%, 5 years | $566.40 | $5,983.96 |
| Personal loan: $10,000, 11.5%, 3 years | $329.76 | $1,871.38 |
Tips
- Compare loans by total interest and total paid, not only by the payment. A longer term lowers the payment but usually costs far more overall.
- Ask lenders for the APR (annual percentage rate). It includes most fees, so it is a fairer comparison than the interest rate alone.
- For a mortgage, add property taxes, homeowners insurance and any mortgage insurance (PMI) to the payment shown here to get your real monthly cost.
- Before making extra payments, check that your loan has no prepayment penalty and that extra money goes to the principal.
- Use the CSV export to keep the schedule next to your budget, or to compare two offers side by side in a spreadsheet.
Common mistakes and limits
- Treating the payment as the full monthly costMortgage payments often include taxes, insurance and escrow, and loans can carry origination fees or closing costs. This tool shows principal and interest only.
- Using it for a variable-rate loanThe calculation assumes the rate never changes. Adjustable-rate mortgages, many credit lines and some student loans change their rate, and the payment changes with it.
- Entering the APR as the interest rateAPR includes fees spread over the loan, so using it here overstates the interest a little. Use the note rate for the payment and the APR for comparisons.
- Expecting interest-only or balloon loans to matchThe tool models standard amortizing loans. Interest-only periods, balloon payments and deferred interest work differently.
- Treating the results as an offerThese are estimates, not financial advice. Your lender's Loan Estimate or loan agreement is what counts.
