Loan Payment Calculator
Calculate loan monthly payments online free — any principal, rate and term with total interest and amortisation. Runs in your browser — nothing uploaded.
- Scheduled Monthly Payment$497.39
- Total Interest Paid$4,844
- Total Lifetime Loan Cost$29,844
- Payoff Time with Extra Payment4 yr 6 mo
- Interest Saved with Extra Payment$284
A loan payment calculator tells you what a fixed-rate loan costs each month and over its whole term. Enter the amount, the annual rate, and the number of years, and this tool returns the monthly payment, total interest, total cost, and how much sooner you would finish if you paid a little extra each month.
What the calculator works out
Four inputs drive everything: loan amount, annual interest rate, term in years, and an optional extra monthly payment. From those it reports your monthly instalment, the total interest paid across the term, the total cost of the borrowing, and the shortenedpayoff time once the extra payment is applied. Pick your country first, because that sets the currency, local number formatting, and realistic default figures rather than making you clear a US-shaped form.
A worked example
Take a $25,000 loan at 7.2% over five years. The monthly payment comes to $497.39, total interest is $4,843.54, and the total cost is $29,843.54. Add just $50 a month and the balance clears in 54 months instead of 60, six months early. That is the whole argument for overpayment in one line: a small, steady amount changes the finish date more than most people expect.
Monthly payment per $10,000 borrowed
| Term | 5% APR | 7% APR | 9% APR | 11% APR |
|---|---|---|---|---|
| 3 years | $299.71 | $308.77 | $318.00 | $327.39 |
| 5 years | $188.71 | $198.01 | $207.58 | $217.42 |
| 7 years | $141.34 | $150.93 | $160.89 | $171.22 |
Read down a column and the monthly figure falls as the term lengthens; read across a row and it climbs with the rate. The lifetime cost moves the other way, which is the trap in a long term: at 9% over seven years you pay $160.89 a month but hand over roughly $3,515 in interest, against about $2,455 over five years.
How amortising loans divide each payment
Every instalment on a fixed-rate loan is the same size, but its makeup shifts month by month. Early on, most of it covers interest on a large outstanding balance and only a slice reduces the principal. As the balance falls, the interest portion shrinks and the principal portion grows, which is why the final payments barely cost you any interest at all. That front-loading is also why overpaying early is worth far more than overpaying late.
Why the lender's number may differ from this one
This calculator models the loan itself, and lenders quote the whole package. Arrangement or origination fees are often added to the balance before interest is applied, which raises the real monthly figure. AnAPR that bundles those fees is not the same as the plain interest rate the loan accrues at, so entering one where the other belongs shifts the result. Payment protection insurance, first-payment dates that fall more than a month out, and lender rounding to the nearest cent or rupee all move the total slightly. Use this to compare offers on equal terms and to sanity-check a quote, then read the agreement for the binding figures.
Before you overpay, check three things
- Prepayment penalties. Most personal, auto, and student loans allow penalty-free overpayment, but some fixed-term products and mortgages charge for it. Check your agreement.
- Where the extra is applied. Some lenders hold overpayments as advance instalments instead of reducing the principal. Ask for it to be applied to principal.
- Which debt to target. Clearing a higher-rate balance first saves more, so compare rates across your loans before committing extra cash to this one.
Other calculators for specific loan types
This tool is deliberately general. For a home loan with property tax and insurance included, use themortgage calculator. To see the full month-by-month split, open theamortisation calculator. To test overpayment strategies against a mortgage specifically, try the mortgage payoff calculator, and for vehicle finance with trade-in and sales tax, the auto loan calculator is the closer fit. Results everywhere are estimates for planning, not lending offers.
Frequently Asked Questions
Which countries and currencies does this loan calculator support?
Nine presets are built in: the United States (USD), United Kingdom (GBP), Canada (CAD), India (INR), Australia (AUD), the Eurozone (EUR), New Zealand (NZD), Singapore (SGD), and South Africa (ZAR). Choosing a country sets the currency symbol, number formatting, and sensible starting figures.
What types of loan can I calculate with this tool?
Any fixed-rate loan repaid in equal monthly instalments. That covers car and auto loans, personal and debt-consolidation loans, student debt, boat or RV finance, business equipment finance, and standard repayment mortgages. Interest-only and variable-rate products need a different model.
How is the monthly payment actually calculated?
It uses the standard amortising loan formula, where the monthly rate is the annual rate divided by twelve and the term is the number of years times twelve. The payment is the amount that clears both principal and interest exactly by the final month.
Why do extra monthly payments save so much interest?
Every extra amount goes straight against the principal balance rather than interest. A smaller balance means less interest accrues next month, which frees up slightly more of the following payment for principal. That compounding effect is why small overpayments shorten the term noticeably.
How does the loan term change what I pay?
A shorter term raises the monthly payment but cuts total interest sharply, because you are borrowing the money for fewer months. A longer term lowers the monthly figure and raises the lifetime cost. The reference table on this page shows the trade-off across three, five, and seven years.
What happens if I enter a 0% interest rate?
The calculator falls back to dividing the balance by the number of months, which is exactly right for promotional 0% dealer finance. Extra payments then shorten the payoff date without saving interest, because there is no interest to save.
Does this show a month-by-month amortisation schedule?
No. This tool reports the monthly payment, total interest, total cost, and the effect of overpaying. For a full table showing how each payment splits between principal and interest, use our mortgage amortisation calculator, which prints the whole schedule.
Are my loan figures stored or sent anywhere?
No. Every calculation runs in your browser as you type, so balances, rates, and income-related figures are never transmitted or logged. Treat the output as an estimate for planning rather than a formal quote, since lenders add fees and their own rounding rules.