Loan calculator
Enter the loan amount, interest rate and term to see your monthly payment, total interest and a full repayment schedule.
Free to use, no account needed. What you type stays in your browser.
Monthly payment
$322.67
Total interest
$1,616.19
Total paid
$11,616.19
Time to pay off
3 years
- Principal$10,000.00
- Interest$1,616.19
Repayment schedule
| Year | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $3,872.06 | $3,007.42 | $864.64 | $6,992.58 |
| 2 | $3,872.06 | $3,322.34 | $549.72 | $3,670.23 |
| 3 | $3,872.06 | $3,670.23 | $201.83 | $0.00 |
How this is calculated
The monthly payment comes from the standard amortization formula:
M = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
M is the monthly payment, P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100) and n is the number of monthly payments.
If the interest rate is 0%, the payment is simply the loan amount divided by the number of months.
Each month, interest is the remaining balance × r, and the rest of the payment reduces the balance. An extra payment goes straight to the balance, so you pay interest on less money and finish sooner.
This calculator assumes a fixed interest rate, equal payments made at the end of every month, and no fees. Your lender's figures may differ slightly.
Worked example
A loan of $10,000.00 at 10% a year over 3 years has a monthly payment of $322.67. In total you pay $11,616.19, of which $1,616.19 is interest.
Loan calculator questions
How is a monthly loan payment calculated?
It uses the standard amortization formula: payment = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate and n is the number of payments. See “How this is calculated” above for details.
What happens if I pay extra each month?
Extra payments go straight to the loan balance. You pay interest on a smaller balance, so the loan is repaid sooner and you pay less interest in total. Enter an extra amount to see the time and interest saved.
Is the interest rate the APR?
No. This calculator uses the nominal annual interest rate and applies it monthly. APR can include fees, so it may be higher than the rate you enter. Use the rate your lender gives for the loan itself.
Why might my bank show a slightly different payment?
Banks can round differently, charge fees or insurance, use daily interest, or have a first payment that is not exactly one month away. Treat the result as a close estimate and check the exact figure with your lender.
Is my information stored or sent anywhere?
No. The calculation runs in your browser. The numbers you enter are not sent to us or saved.
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Results are estimates for planning. They are not financial, tax or religious advice.