Loan Calculator — Payments, Amortization & Extra-Payment Savings
Our free loan calculator shows your exact monthly payment for any loan amount, interest rate, and term. See the complete amortization schedule — grouped by year and expandable by month — to understand how each payment is split between principal and interest. The extra payment feature reveals how additional payments reduce your total interest and shorten your loan term. Export the full schedule to CSV, Excel, or PDF for your records.
The amortisation schedule is where the useful information is, because a monthly payment on its own hides how the loan actually behaves. Early payments are mostly interest — on a 30-year mortgage at 6%, the first payment is roughly 83% interest — and the crossover to mostly principal comes far later than most people assume. That is also why an extra payment early in the term is worth several times the same payment near the end: it removes principal that would otherwise have accrued interest for decades.
How to use Loan Calculator
- Enter the loan amount, annual interest rate, and loan term.
- Optionally add an extra monthly payment to see the impact.
- See your monthly payment, total interest, and payoff timeline.
- Click any year row to expand monthly payment details.
- Download the full amortization schedule as CSV, Excel, or PDF.
Features
- Monthly payment calculation — Accurate payment for any loan scenario.
- Full amortization schedule — Year-by-year summary with expandable monthly detail.
- Extra payment analysis — See time saved and interest saved with extra payments.
- Export to CSV, Excel, PDF — Download the full schedule for your records.
- Works for all loan types — Mortgage, auto, personal, and student loans.
- Total cost summary — Total interest paid and total amount paid.
Frequently Asked Questions
How is a monthly loan payment calculated?
Monthly 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 payments. Our calculator applies this formula automatically for any loan scenario.
How much can I save by making extra payments?
Even small extra payments make a big difference. For example, adding $100/month to a $200,000 mortgage at 6.5% over 30 years saves approximately $56,000 in interest and pays off the loan 6 years early. Enter your specific numbers to see your savings.
What is the difference between APR and interest rate?
The interest rate is the base cost of borrowing. APR (Annual Percentage Rate) includes the interest rate plus fees and closing costs, giving you the true total cost. When comparing loans, APR provides a more accurate comparison.
Why is almost none of my early payment going to the principal?
Because interest is charged on the outstanding balance, which is at its largest at the start. On a 30-year loan at 6%, the first payment is about 83% interest. The proportion shifts gradually, and on a typical 30-year mortgage the halfway point in principal terms arrives around year 20, not year 15.
When is the best time to make an extra payment?
As early as possible. An extra payment in year one removes principal that would otherwise have accrued interest for the remaining 29 years; the same payment in year 25 saves only five years of interest. Run the extra-payment feature at different start dates and the difference is usually larger than people expect.