Loan Payment Calculator
Calculate monthly payments for any loan — auto, personal, student, or home equity. See the full amortization schedule and how extra payments save you money.
How to Use This Calculator
Enter the total loan amount you want to borrow. Enter the annual interest rate (APR) offered by your lender. Choose the loan term in years — typical terms are 3-7 years for auto loans, 10-15 years for home equity, and 5-20 years for personal loans. Optionally add an extra payment percentage to see how paying a little more each month reduces your payoff time and total interest. The calculator shows your monthly payment, total interest, a payment breakdown chart, and the full amortization schedule with the first and last 12 months displayed.
How Loan Payments Work
Loan payments use the same amortization formula as mortgages. Each monthly payment consists of principal (reducing your balance) and interest (the cost of borrowing). In the early months, most of each payment goes toward interest. Over time, an increasingly larger share goes toward principal. This is why extra payments early in the loan term have an outsized effect — every extra dollar directly reduces the principal, saving you from future interest charges. A loan with a shorter term has higher payments but significantly less total interest. A lower interest rate saves money on every payment for the entire life of the loan.