Free loan calculator — monthly payment & total interest
Use this loan payment calculator for monthly payment, biweekly payment, total interest, and months to payoff. It fits fixed-rate personal loans and auto loans (principal and interest). Enter the term in years or months (30 years = 360 payments). Switch amortizing vs equal principal, add optional extra payments, and open the amortization schedule on the same numbers. For home price, down payment, and PITI, use the mortgage calculator.
How to use this loan calculator
- Enter loan amount, annual interest rate (%), and term (years or months).
- Choose amortizing (fixed payment) or equal principal (declining payment); optional biweekly for amortizing.
- Optional: loan start date for payoff date; extra payments (monthly, yearly, or one-time).
- Read payment, total interest, total paid, payoff date, and months to payoff.
- Payment schedule by year or month; CSV export, print, or copy link to share your scenario.
Example: $200,000 loan at 6.5% for 30 years
On an amortizing schedule, the monthly payment is about $1,264 (principal and interest only). Over 360 months you would pay roughly $255,000 in interest on top of the $200,000 borrowed—early payments are mostly interest. Adding even a small extra principal payment each month can remove years from the term; try it in the calculator above.
Loan payment formula (amortizing)
M = P × r × (1 + r)n ÷ ((1 + r)n − 1)
P = loan amount, r = annual rate ÷ 12 (as a decimal), n = number of months. Banks may round per period; use this page for planning, not as a legal payoff quote from your lender.
Amortizing vs equal principal
Most U.S. consumer loans use a fixed payment amortizing schedule. Equal principal repays the same principal slice each month, so interest falls and the payment drops over time. Compare both on identical amount, rate, and term with one click. Biweekly payments (26 half-payments per year) can pay off slightly sooner than 12 full monthly payments on the same nominal rate.
Extra payments (loan payoff planning)
Extra money toward principal after each required payment reduces total interest and can shorten the loan. Here the extra amount is fixed every month until the balance hits zero—compare interest saved and months sooner in the results panel.
Frequently asked questions
How do I calculate monthly loan payment?
Use the amortizing formula above or enter loan amount, annual rate, and term in years or months (e.g. 360 for 30 years). The calculator shows payment, total interest, and schedule.
What is the difference between amortizing and equal principal?
Fixed payment each month vs declining payment with flat principal per month—see the comparison toggle.
How do biweekly loan payments work?
For amortizing loans, select biweekly to pay half the monthly amount every two weeks. The tool compares biweekly vs monthly payoff time and interest when extras are off.
How do extra loan payments work?
Extras apply after the scheduled payment toward principal—monthly, yearly (pick month), or one-time. See interest saved and months sooner vs no extras.
Where is the mortgage payment calculator (PITI)?
This page is P&I from loan amount. For home price, down payment, taxes, insurance, and HOA, use the mortgage calculator. Payment table: amortization calculator.
Can I export the payment schedule or share my inputs?
Use copy link to share the same numbers with others; CSV download and print are in the schedule toolbar.