Loan Payment Calculator
See what a loan will cost each month and over time.
Your work stays in this browser.
Principal $335.83Interest $177.08
This estimate assumes a fixed interest rate and equal monthly payments. Lender fees are not included.
How to use the Loan Payment Calculator
Loan Payment Calculator estimates the required payment for a fixed-rate installment loan and shows how much interest is paid over time. Add an optional extra monthly payment to compare a faster payoff plan.
Enter the loan details
Add the amount borrowed, annual interest rate, and term in months or years.
Test an extra payment
Open the extra-payment option and enter an amount you may pay beyond the requirement.
Compare cost and time
Review the required payment, total interest, first-payment breakdown, and possible savings.
A practical example
$10,000 loan at a fixed rate
Enter the principal, annual rate, and repayment term. Add $25 per month to see whether the interest and payoff time decrease.
What to know
- The estimate assumes a fixed rate and equal monthly payments with interest calculated monthly.
- Origination fees, late fees, variable rates, and lender-specific methods are not included.
Questions people ask
Does an extra payment reduce interest?
When it is applied to principal, an extra payment can reduce both the remaining time and future interest. Confirm how your lender applies it.
Is this only for personal loans?
It can estimate many fixed-rate installment loans, but specialized loans may use fees or rules not represented here.