Loan Calculator
Calculate monthly payments, total interest paid, and view a full amortization schedule. Works for auto loans, personal loans, student loans, and mortgages.
Loan Details
Monthly Payment
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Total Interest
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Total Cost
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Payoff Date
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Principal vs Interest Over Time
Download Amortization Schedule (PDF)
Get a detailed PDF report with your full amortization schedule and payment breakdown.
Amortization Schedule
| Year | Payment | Principal | Interest | Balance |
|---|
How Loan Payments Work
Worked Example: $25,000 Auto Loan
Suppose you borrow $25,000 at 6.5% APR for 5 years (60 months).
- Monthly payment: $489.15
- Total interest over 5 years: $4,349
- Total amount paid: $29,349
If you add $100/month extra, you pay off 10 months early and save ~$680 in interest.
Frequently Asked Questions
How is the monthly payment calculated?
The formula is M = P[r(1+r)^n] / [(1+r)^n - 1], where P is the principal, r is the monthly interest rate (annual rate / 12), and n is the total number of payments. This formula ensures each payment covers interest plus a portion of principal.
Should I make extra payments?
Extra payments go directly toward principal, reducing total interest and shortening the loan term. Even $25-50 extra per month can save hundreds or thousands over the life of the loan. Check that your lender has no prepayment penalties first.
What is an amortization schedule?
An amortization schedule shows how each payment splits between interest and principal over time. Early payments are mostly interest; later payments are mostly principal. This calculator shows the full schedule so you can see exactly where your money goes each month.