Finance
Loan Calculator
Calculate your monthly loan payment, total interest, total repayment cost, payoff date, and full amortization schedule in one place.
Loan Calculator
Estimate your monthly loan payment, total interest, full repayment cost, payoff date, and amortization schedule.
Direct answer
$396.02/mo
Estimated monthly payment based on your loan amount, rate, term, and any extra monthly payment.
Monthly payment
$396.02
Base monthly payment
Total interest
$3,761.44
Over the life of the loan
Total cost
$23,761.44
Principal + interest
Payoff date
Apr 2031
60 monthly payments
Loan summary
$20,000.00
Interest rate: 7.00%
Repayment term: 5 years
Recommended Loan Planning Tool
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A loan planning notebook, budgeting workbook, or finance organizer can help you compare payments, interest costs, and payoff strategies more clearly.
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Loan cost breakdown
Amortization schedule
See how each payment is divided between principal and interest over time.
| # | Date | Payment | Principal | Interest | Extra | Balance |
|---|---|---|---|---|---|---|
| 1 | May 2026 | $396.02 | $279.36 | $116.67 | $0.00 | $19,720.64 |
| 2 | Jun 2026 | $396.02 | $280.99 | $115.04 | $0.00 | $19,439.66 |
| 3 | Jul 2026 | $396.02 | $282.63 | $113.40 | $0.00 | $19,157.03 |
| 4 | Aug 2026 | $396.02 | $284.27 | $111.75 | $0.00 | $18,872.76 |
| 5 | Sep 2026 | $396.02 | $285.93 | $110.09 | $0.00 | $18,586.82 |
| 6 | Oct 2026 | $396.02 | $287.60 | $108.42 | $0.00 | $18,299.22 |
| 7 | Nov 2026 | $396.02 | $289.28 | $106.75 | $0.00 | $18,009.94 |
| 8 | Dec 2026 | $396.02 | $290.97 | $105.06 | $0.00 | $17,718.98 |
| 9 | Jan 2027 | $396.02 | $292.66 | $103.36 | $0.00 | $17,426.31 |
| 10 | Feb 2027 | $396.02 | $294.37 | $101.65 | $0.00 | $17,131.94 |
| 11 | Mar 2027 | $396.02 | $296.09 | $99.94 | $0.00 | $16,835.86 |
| 12 | Apr 2027 | $396.02 | $297.81 | $98.21 | $0.00 | $16,538.04 |
| 13 | May 2027 | $396.02 | $299.55 | $96.47 | $0.00 | $16,238.49 |
| 14 | Jun 2027 | $396.02 | $301.30 | $94.72 | $0.00 | $15,937.19 |
| 15 | Jul 2027 | $396.02 | $303.06 | $92.97 | $0.00 | $15,634.13 |
| 16 | Aug 2027 | $396.02 | $304.82 | $91.20 | $0.00 | $15,329.31 |
| 17 | Sep 2027 | $396.02 | $306.60 | $89.42 | $0.00 | $15,022.70 |
| 18 | Oct 2027 | $396.02 | $308.39 | $87.63 | $0.00 | $14,714.31 |
| 19 | Nov 2027 | $396.02 | $310.19 | $85.83 | $0.00 | $14,404.12 |
| 20 | Dec 2027 | $396.02 | $312.00 | $84.02 | $0.00 | $14,092.12 |
| 21 | Jan 2028 | $396.02 | $313.82 | $82.20 | $0.00 | $13,778.30 |
| 22 | Feb 2028 | $396.02 | $315.65 | $80.37 | $0.00 | $13,462.65 |
| 23 | Mar 2028 | $396.02 | $317.49 | $78.53 | $0.00 | $13,145.16 |
| 24 | Apr 2028 | $396.02 | $319.34 | $76.68 | $0.00 | $12,825.82 |
| 25 | May 2028 | $396.02 | $321.21 | $74.82 | $0.00 | $12,504.61 |
| 26 | Jun 2028 | $396.02 | $323.08 | $72.94 | $0.00 | $12,181.53 |
| 27 | Jul 2028 | $396.02 | $324.97 | $71.06 | $0.00 | $11,856.56 |
| 28 | Aug 2028 | $396.02 | $326.86 | $69.16 | $0.00 | $11,529.70 |
| 29 | Sep 2028 | $396.02 | $328.77 | $67.26 | $0.00 | $11,200.94 |
| 30 | Oct 2028 | $396.02 | $330.69 | $65.34 | $0.00 | $10,870.25 |
| 31 | Nov 2028 | $396.02 | $332.61 | $63.41 | $0.00 | $10,537.64 |
| 32 | Dec 2028 | $396.02 | $334.55 | $61.47 | $0.00 | $10,203.08 |
| 33 | Jan 2029 | $396.02 | $336.51 | $59.52 | $0.00 | $9,866.58 |
| 34 | Feb 2029 | $396.02 | $338.47 | $57.56 | $0.00 | $9,528.11 |
| 35 | Mar 2029 | $396.02 | $340.44 | $55.58 | $0.00 | $9,187.66 |
| 36 | Apr 2029 | $396.02 | $342.43 | $53.59 | $0.00 | $8,845.23 |
| 37 | May 2029 | $396.02 | $344.43 | $51.60 | $0.00 | $8,500.81 |
| 38 | Jun 2029 | $396.02 | $346.44 | $49.59 | $0.00 | $8,154.37 |
| 39 | Jul 2029 | $396.02 | $348.46 | $47.57 | $0.00 | $7,805.92 |
| 40 | Aug 2029 | $396.02 | $350.49 | $45.53 | $0.00 | $7,455.43 |
| 41 | Sep 2029 | $396.02 | $352.53 | $43.49 | $0.00 | $7,102.89 |
| 42 | Oct 2029 | $396.02 | $354.59 | $41.43 | $0.00 | $6,748.30 |
| 43 | Nov 2029 | $396.02 | $356.66 | $39.37 | $0.00 | $6,391.64 |
| 44 | Dec 2029 | $396.02 | $358.74 | $37.28 | $0.00 | $6,032.90 |
| 45 | Jan 2030 | $396.02 | $360.83 | $35.19 | $0.00 | $5,672.07 |
| 46 | Feb 2030 | $396.02 | $362.94 | $33.09 | $0.00 | $5,309.13 |
| 47 | Mar 2030 | $396.02 | $365.05 | $30.97 | $0.00 | $4,944.08 |
| 48 | Apr 2030 | $396.02 | $367.18 | $28.84 | $0.00 | $4,576.90 |
| 49 | May 2030 | $396.02 | $369.33 | $26.70 | $0.00 | $4,207.57 |
| 50 | Jun 2030 | $396.02 | $371.48 | $24.54 | $0.00 | $3,836.09 |
| 51 | Jul 2030 | $396.02 | $373.65 | $22.38 | $0.00 | $3,462.44 |
| 52 | Aug 2030 | $396.02 | $375.83 | $20.20 | $0.00 | $3,086.62 |
| 53 | Sep 2030 | $396.02 | $378.02 | $18.01 | $0.00 | $2,708.60 |
| 54 | Oct 2030 | $396.02 | $380.22 | $15.80 | $0.00 | $2,328.38 |
| 55 | Nov 2030 | $396.02 | $382.44 | $13.58 | $0.00 | $1,945.93 |
| 56 | Dec 2030 | $396.02 | $384.67 | $11.35 | $0.00 | $1,561.26 |
| 57 | Jan 2031 | $396.02 | $386.92 | $9.11 | $0.00 | $1,174.34 |
| 58 | Feb 2031 | $396.02 | $389.17 | $6.85 | $0.00 | $785.17 |
| 59 | Mar 2031 | $396.02 | $391.44 | $4.58 | $0.00 | $393.73 |
| 60 | Apr 2031 | $396.02 | $393.73 | $2.30 | $0.00 | $0.00 |
How this loan calculator works
This calculator uses your loan amount, annual interest rate, and repayment term to estimate a standard monthly payment.
Each payment is split into two parts: principal and interest. Principal reduces the balance you owe, while interest is the cost of borrowing.
If you add an extra monthly payment, the calculator applies that extra amount directly toward the balance. This can reduce the payoff time and lower total interest.
Formula
A standard installment loan payment is based on the loan amount, the monthly interest rate, and the number of monthly payments.
Monthly payment formula
Payment = P × r × (1 + r)^n / ((1 + r)^n - 1)
Where P is the loan amount, r is the monthly interest rate, and n is the total number of monthly payments.
What is a loan calculator?
A loan calculator is a tool that estimates your monthly payment, total interest, total repayment cost, and payoff timeline based on the loan amount, interest rate, and repayment term.
It is useful for personal loans, auto loans, debt consolidation loans, and other installment loans where you repay the balance over a fixed period. Instead of guessing, you can compare borrowing scenarios before applying.
This type of calculator also helps you understand how extra monthly payments can reduce interest and shorten the time it takes to pay off the loan.
What affects your monthly loan payment?
Your monthly loan payment depends mainly on three factors: the loan amount, the interest rate, and the repayment term. A larger loan amount usually increases the monthly payment, while a lower loan amount reduces it.
The interest rate affects how much borrowing costs over time. Even a small rate difference can change the monthly payment and the total interest paid. The repayment term also matters. A longer term often lowers the monthly payment but increases total interest, while a shorter term usually raises the monthly payment but reduces total interest.
Extra monthly payments can also make a major difference by reducing the balance faster. That can lower interest cost and move the payoff date earlier.
Loan payment comparison by term
This quick comparison shows how the same loan amount and interest rate can change depending on the repayment term.
| Term | Monthly payment | Total interest | Total cost |
|---|---|---|---|
| 3 years | $617.54 | $2,231.51 | $22,231.51 |
| 5 years | $396.02 | $3,761.44 | $23,761.44 |
| 7 years | $301.85 | $5,355.70 | $25,355.70 |
In general, shorter repayment terms produce higher monthly payments but lower total interest. Longer repayment terms can make payments easier to manage each month, but they usually increase the total borrowing cost.
Example loan calculation
Based on the values currently entered above, a loan amount of $20,000.00 at an annual interest rate of 7.00% over 5 years gives an estimated monthly payment of $396.02.
Over the life of the loan, the estimated total interest is $3,761.44, and the estimated total repayment cost is $23,761.44.
This kind of example helps show the tradeoff between affordable monthly payments and the total long-term cost of borrowing.
How to lower total loan interest
One of the most effective ways to reduce total interest is to choose a shorter repayment term when the monthly payment still fits your budget. A shorter term means less time for interest to accumulate.
Another common strategy is to make extra monthly payments. Extra payments go toward the remaining balance, which can reduce interest charges and help you pay off the loan faster.
You may also be able to lower total borrowing cost by qualifying for a lower interest rate, borrowing only what you need, or improving your credit profile before taking the loan.
Loan Payment and Interest Calculator FAQs
What is a loan payment?
A loan payment is the amount you pay periodically to repay the money borrowed plus interest.
Does paying extra each month help?
Yes. Extra monthly payments reduce the balance faster, which can shorten the repayment period and reduce interest costs.
Why is interest higher at the beginning?
Interest is calculated on the remaining balance. At the beginning of the loan, the balance is higher, so more of each payment goes toward interest.
Is this calculator good for car loans and personal loans?
Yes. This calculator works well for installment-style loans such as personal loans, auto loans, and similar fixed-term borrowing.
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