MyCompoundInterest - Personal finance calculators
Loan repayment planner

Loan Calculator

Use this loan calculator as a monthly loan payment calculator, loan repayment calculator and loan amortization calculator to estimate payments, total interest and payoff timing before you borrow.

Free tool No signup Browser-based calculations Educational estimates

Enter your loan details

Change the loan amount, annual interest rate, term, payment frequency, currency and extra payment to calculate loan payment estimates instantly.

The principal amount borrowed.
Use the APR-style annual rate as a percentage.
Enter the repayment term in years or months.
Switch between years and months.
Monthly, biweekly and weekly schedules use different periodic rates.
Used only to format inputs and results.
Added on top of each scheduled payment in this estimate.

Quick scenarios

Compare common borrowing examples. Each scenario updates the amortization schedule calculator, URL state and result cards.

Remaining balance and interest over time

The chart updates with your inputs and scenarios, showing how the balance falls while interest accumulates.

Amortization chart
Remaining balance Total interest paid
$20,000 Start Payoff

Principal makes up 84.2% of total repayment and interest makes up 15.8%.

Amortization schedule

The table shows the first payments, grouped yearly summaries for long loans and the final payoff row. The CSV download includes the full payment-by-payment schedule.

Payment number Payment Principal Interest Total interest Remaining balance

Real loans may include origination fees, taxes, late fees, insurance, changing rates or lender-specific rounding rules.

Methodology

How to use this loan calculator

Use this loan interest calculator to estimate fixed repayment costs from the assumptions you control.

Enter the borrowing assumptions

Start with the loan amount, annual interest rate and loan term. Choose years or months, then select monthly, biweekly or weekly payments. The calculator converts the annual rate into a periodic rate for the chosen frequency.

Use the currency selector to format the result in USD, EUR or GBP. The currency setting does not change the math.

Compare repayment and payoff

The main result estimates the payment per period. KPI cards show total interest, total repayment, payoff time and interest saved when extra payments are included.

Scenario buttons can turn the page into a personal loan calculator, car loan calculator, short term loan repayment calculator or debt payoff calculator.

Formula

Loan payment formula

The loan payment formula estimates the fixed payment needed to pay off an amortizing loan over a set number of payments.

Formula used

A = P × [r × (1 + r)^n] / [(1 + r)^n - 1]
  • A is the payment per period.
  • P is the loan principal.
  • r is the periodic interest rate.
  • n is the total number of payments.

Zero interest fallback

When the annual interest rate is 0%, the calculator uses A = P / n. That divides the principal evenly across the selected number of payments.

For interest-bearing loans, monthly uses annual rate divided by 12, biweekly uses annual rate divided by 26 and weekly uses annual rate divided by 52.

Amortization

What is loan amortization?

Loan amortization shows how repayment changes the balance over time.

Principal vs interest

Each payment is split between interest and principal. Early payments often include more interest because interest is calculated on a higher remaining balance. As the balance falls, more of each payment goes toward principal.

The amortization table shows payment number, payment amount, principal paid, interest paid, total interest paid and remaining balance.

Why the schedule matters

An amortization schedule calculator helps show the true cost of borrowing, not just the monthly payment. A lower payment can still mean more total interest if the loan term is longer.

Use the table and CSV download to compare repayment timing before relying on a lender quote or loan payoff calculator result.

Example

Loan calculator example

The default example uses a $20,000 loan at 7% annual interest for 5 years with monthly payments.

Default estimate

With a $20,000 loan, 7% annual interest and a 5-year monthly term, the calculator estimates a fixed monthly payment and shows how much interest is paid over the full schedule.

These results are estimates. Real loans may include fees, taxes, insurance, lender-specific rounding, late charges or other costs that are not included here.

Extra payments and loan payoff

Extra payments reduce the remaining balance faster. Because future interest is based on the remaining balance, extra principal payments can reduce total interest and shorten payoff time.

The interest saved KPI compares the selected extra payment against the same loan with no extra payment.

Next steps

Related calculators and guides

Use these tools when your estimate needs interest comparisons, growth projections, savings planning or inflation context.

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Simple Interest Calculator

Compare a basic interest method against amortized borrowing costs.

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Compound Interest Calculator

Estimate growth when interest compounds over time.

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Future Value Calculator

Project future value from a starting amount and monthly contributions.

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Savings Goal Calculator

Estimate how much to save each month toward a target.

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Inflation Calculator

Compare purchasing power and inflation-adjusted values over time.

Compare values Guide

Compound Interest vs Simple Interest guide

Understand how interest methods differ before comparing loan or savings estimates.

Read guide
FAQ

Loan Calculator FAQ

Use these answers as educational references. This calculator is not financial advice.

A loan calculator estimates a loan payment, total interest, total repayment and amortization schedule from the loan amount, interest rate, term and payment frequency.

A standard amortizing loan payment uses A = P x [r x (1 + r)^n] / [(1 + r)^n - 1], where P is principal, r is the periodic interest rate and n is the number of payments.

Loan amortization shows how each payment is split between interest and principal, and how the remaining balance falls over time.

Yes. You can add an extra payment amount to estimate how additional principal payments may reduce total interest and shorten the payoff time.

Principal is the amount borrowed or still owed. Interest is the borrowing cost charged by the lender based on the rate and remaining balance.

Yes. It can be used as a personal loan calculator for fixed-rate installment loans when you know the loan amount, annual rate and repayment term.

Yes. It can estimate car loan payments and amortization if the loan uses fixed payments, a fixed annual rate and a known term.

No. This calculator is an educational tool and does not provide financial, loan, tax or legal advice.