Loan Calculator
Calculate loan payments, interest, repayment, and payoff schedule.
How do I calculate a loan payment?
A fixed-rate loan payment is the amount borrowed times the monthly rate, divided by one minus the compounded discount factor for the number of payments.
Formula: For interest-bearing loans, payment uses the standard fixed-payment amortization formula. At 0% interest, payment is principal ÷ months.
Monthly payment
$396.02
- Base payment
- $396.02
- Total interest
- $3,761.44
- Total repayment
- $23,761.44
- Payoff time
- 60 months
Balance over time
| Payment | Amount | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $396.02 | $279.36 | $116.67 | $19,720.64 |
| 2 | $396.02 | $280.99 | $115.04 | $19,439.66 |
| 3 | $396.02 | $282.63 | $113.40 | $19,157.03 |
| 4 | $396.02 | $284.27 | $111.75 | $18,872.76 |
| 5 | $396.02 | $285.93 | $110.09 | $18,586.82 |
| 6 | $396.02 | $287.60 | $108.42 | $18,299.22 |
| 7 | $396.02 | $289.28 | $106.75 | $18,009.94 |
| 8 | $396.02 | $290.97 | $105.06 | $17,718.98 |
| 9 | $396.02 | $292.66 | $103.36 | $17,426.31 |
| 10 | $396.02 | $294.37 | $101.65 | $17,131.94 |
| 11 | $396.02 | $296.09 | $99.94 | $16,835.86 |
| 12 | $396.02 | $297.81 | $98.21 | $16,538.04 |
| 13 | $396.02 | $299.55 | $96.47 | $16,238.49 |
| 14 | $396.02 | $301.30 | $94.72 | $15,937.19 |
| 15 | $396.02 | $303.06 | $92.97 | $15,634.13 |
| 16 | $396.02 | $304.82 | $91.20 | $15,329.31 |
| 17 | $396.02 | $306.60 | $89.42 | $15,022.70 |
| 18 | $396.02 | $308.39 | $87.63 | $14,714.31 |
| 19 | $396.02 | $310.19 | $85.83 | $14,404.12 |
| 20 | $396.02 | $312.00 | $84.02 | $14,092.12 |
| 21 | $396.02 | $313.82 | $82.20 | $13,778.30 |
| 22 | $396.02 | $315.65 | $80.37 | $13,462.65 |
| 23 | $396.02 | $317.49 | $78.53 | $13,145.16 |
| 24 | $396.02 | $319.34 | $76.68 | $12,825.82 |
| 25 | $396.02 | $321.21 | $74.82 | $12,504.61 |
| 26 | $396.02 | $323.08 | $72.94 | $12,181.53 |
| 27 | $396.02 | $324.97 | $71.06 | $11,856.56 |
| 28 | $396.02 | $326.86 | $69.16 | $11,529.70 |
| 29 | $396.02 | $328.77 | $67.26 | $11,200.94 |
| 30 | $396.02 | $330.69 | $65.34 | $10,870.25 |
| 31 | $396.02 | $332.61 | $63.41 | $10,537.64 |
| 32 | $396.02 | $334.55 | $61.47 | $10,203.08 |
| 33 | $396.02 | $336.51 | $59.52 | $9,866.58 |
| 34 | $396.02 | $338.47 | $57.56 | $9,528.11 |
| 35 | $396.02 | $340.44 | $55.58 | $9,187.66 |
| 36 | $396.02 | $342.43 | $53.59 | $8,845.23 |
| 37 | $396.02 | $344.43 | $51.60 | $8,500.81 |
| 38 | $396.02 | $346.44 | $49.59 | $8,154.37 |
| 39 | $396.02 | $348.46 | $47.57 | $7,805.92 |
| 40 | $396.02 | $350.49 | $45.53 | $7,455.43 |
| 41 | $396.02 | $352.53 | $43.49 | $7,102.89 |
| 42 | $396.02 | $354.59 | $41.43 | $6,748.30 |
| 43 | $396.02 | $356.66 | $39.37 | $6,391.64 |
| 44 | $396.02 | $358.74 | $37.28 | $6,032.90 |
| 45 | $396.02 | $360.83 | $35.19 | $5,672.07 |
| 46 | $396.02 | $362.94 | $33.09 | $5,309.13 |
| 47 | $396.02 | $365.05 | $30.97 | $4,944.08 |
| 48 | $396.02 | $367.18 | $28.84 | $4,576.90 |
| 49 | $396.02 | $369.33 | $26.70 | $4,207.57 |
| 50 | $396.02 | $371.48 | $24.54 | $3,836.09 |
| 51 | $396.02 | $373.65 | $22.38 | $3,462.44 |
| 52 | $396.02 | $375.83 | $20.20 | $3,086.62 |
| 53 | $396.02 | $378.02 | $18.01 | $2,708.60 |
| 54 | $396.02 | $380.22 | $15.80 | $2,328.38 |
| 55 | $396.02 | $382.44 | $13.58 | $1,945.93 |
| 56 | $396.02 | $384.67 | $11.35 | $1,561.26 |
| 57 | $396.02 | $386.92 | $9.11 | $1,174.34 |
| 58 | $396.02 | $389.17 | $6.85 | $785.17 |
| 59 | $396.02 | $391.44 | $4.58 | $393.73 |
| 60 | $396.02 | $393.73 | $2.30 | $0.00 |
Results are estimates for informational purposes only and are not financial advice.
What if you paid extra each month?
See how a different extra payment changes the payoff time and interest.
| Measure | Original | New | Difference | % difference |
|---|---|---|---|---|
| Monthly payment | $396.02 | $496.02 | +$100.00 | +25.25% |
| Total interest | $3,761.44 | $2,867.72 | -$893.72 | -23.76% |
| Total repaid | $23,761.44 | $22,867.72 | -$893.72 | -3.76% |
| Months to payoff | 60 | 47 | -13 | -21.67% |
Compare two loans
Put two loan offers side by side.
Loan A
Loan B
| Measure | Loan A | Loan B | Difference |
|---|---|---|---|
| Monthly payment | $396.02 | $396.02 | $0.00 |
| Total interest | $3,761.44 | $3,761.44 | $0.00 |
| Total repaid | $23,761.44 | $23,761.44 | $0.00 |
| Months to payoff | 60 | 60 | 0 |
Loan A and Loan B look the same on total interest.
What this calculator does
Estimate a fixed installment loan, including zero-interest and extra-payment scenarios.
Use it to turn Loan amount, Annual interest rate, Duration, Extra monthly payment into a checked result you can compare, copy, or rerun with different assumptions.
The page shows the formula, a numeric worked example, and the assumptions that affect this finance calculation.
Inputs and what they mean
- Loan amount
- — number value.
- Annual interest rate
- — number value.
- Duration
- — number value.
- Extra monthly payment
- — number value.
How to use it
- Enter the values for your estimate.
- Adjust the rate, duration, and optional scenario inputs.
- Review the totals, comparison, chart, and schedule where available.
Formula
For interest-bearing loans, payment uses the standard fixed-payment amortization formula. At 0% interest, payment is principal ÷ months.
Inputs used: Loan amount, Annual interest rate, Duration, Extra monthly payment.
Edge handling: Loan amount is required.; Loan amount cannot be negative.; Loan amount must be no more than 1000000000000.; Annual interest rate is required.; Annual interest rate cannot be negative..
Worked example
$20,000 five-year loan
- Start with Loan amount: 20000, Annual interest rate: 7, Duration: 5, Extra monthly payment: 0.
- Apply the method: For interest-bearing loans, payment uses the standard fixed-payment amortization formula. At 0% interest, payment is principal ÷ months.
- Estimate payments on $20,000 at 7% for five years.
Reading the result
The headline figure is the main answer. Any breakdown underneath shows the parts that make it up, so you can check the working and see what changes when you adjust an input.
Limitations and assumptions
- Results are estimates for informational purposes only and are not financial advice.
- Inputs outside the supported range are rejected rather than forced into a result.
- The result depends on the values you enter for this loan calculator; it does not supply missing rates, rules, prices, dates, or assumptions for you.
Common questions
How do I calculate a loan payment?
A fixed-rate loan payment is the amount borrowed times the monthly rate, divided by one minus the compounded discount factor for the number of payments. Check the formula, example, and limitations on this page before using the result for a real finance decision.
Does zero interest work?
Yes. Principal is divided evenly across the selected months.
What does extra payment do?
It shortens payoff and reduces interest when applied to principal. Check the formula, example, and limitations on this page before using the result for a real finance decision.
Is this an EMI calculator?
Yes. EMI (equated monthly installment) is the fixed monthly payment on a loan, and this page uses the same fixed-payment amortization formula. Enter the loan amount, annual rate and term in years to get your EMI and total interest.
Can I use this as an amortization calculator?
Yes. Each payment is split into interest on the remaining balance and principal repayment, which is what an amortization schedule shows. Add an extra monthly payment to see how it shortens the schedule.
How do I use the Loan Calculator?
Enter the required values for Loan amount, Annual interest rate, Duration, Extra monthly payment. The calculator applies the formula on this page and shows the main result with any supporting breakdown so you can check the arithmetic.
Cite this page
Free Calculator. (n.d.). Loan Calculator. https://freecalculator.tech/tools/loan-calculator
"Loan Calculator." Free Calculator, https://freecalculator.tech/tools/loan-calculator.
Loan Calculator — Free Calculator, https://freecalculator.tech/tools/loan-calculator
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