Free Loan Calculator – Monthly Payment, Interest & Payoff Schedule

Plan

Loan amount

Rate (% per year)

Years

Payment schedule

Extra payment (optional)

Payment (per period)

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Total paid

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Total interest

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Payoff (est.)

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How to use this tool

Loan amount = how much you borrow.
Rate = annual interest rate (APR).
Payment schedule = make payments monthly, every 2 weeks, or quarterly.
Extra payment = add this extra every period. Even small extras can cut years off.

Insights

Principal vs Interest

Months to finish (with / without extra)

Save time with extra

Add an extra amount above to see time/interest saved.

How it works

Payment = P × ( r × (1+r)^n ) / ( (1+r)^n − 1 )
Where:
  P = principal, r = periodic interest rate (APR ÷ payments per year),
  n = total number of payments
With extra payments, more of each payment goes to principal and the loan ends sooner.

Lower total interest: make small automatic extra payments.
Compare APRs and watch for prepayment penalties.
Debt avalanche: if you have multiple loans, attack the highest APR first.