Free loan payment calculator with amortization schedule. Calculate monthly payments, total interest, and payoff timeline for any loan amount.
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Before signing any loan agreement, know exactly what you'll pay each month. Our loan payment calculator helps you understand the true cost of borrowing, including total interest paid over the life of the loan, so you can make informed financial decisions.
A loan payment typically consists of two parts: principal (the original amount borrowed) and interest (the cost of borrowing). Most loans use amortization, where early payments go mostly toward interest, while later payments pay down more principal. Understanding this structure helps you see how extra payments can save thousands in interest and shorten your loan term significantly.
Monthly Payment Formula
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Understand not just your monthly payment, but the total interest you'll pay over the entire loan term.
Test different loan amounts, interest rates, and terms to find the best option for your budget.
Know exactly what to expect each month so you can budget confidently for your loan payments.
Even small changes in interest rate significantly impact your total cost. For example, on a $200,000 30-year mortgage, a 1% higher rate can cost over $40,000 more in total interest. Always shop around for the best rates.
Shorter terms mean higher monthly payments but much less total interest. A 15-year mortgage typically saves tens of thousands compared to a 30-year mortgage, but requires fitting larger payments into your budget.
Extra payments go directly toward principal, reducing the balance that accrues interest. Even small additional payments can shave years off your loan and save thousands in interest. Just verify your loan has no prepayment penalties.
The interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus other fees and costs, giving you a more complete picture of the loan's true cost. Always compare APRs when shopping for loans.