A free loan calculator that shows the payment, the total interest, the payoff date and what extra payments save, with the full schedule.
See the monthly payment, the total interest and the payoff date of any loan, and what extra payments save.
Your numbers
The rate is the yearly rate on your offer. Extra payments go straight to what you owe.
Your result
Enter a loan amount to see the payment.
Embed this tool on your site
Paste the code into any page: WordPress, Webflow, Squarespace, Ghost or plain HTML. It's free with the credit under it, which links back to navid.me.
This free loan calculator shows the monthly payment on any loan, the total interest and the month it's paid off. Add an extra amount each month and it shows how much interest you save and how much sooner you're done.
I built it because a loan offer leads with the monthly payment, and the payment is the least useful number on it. The total interest and the payoff date tell you what the loan really costs.
Here's how loan payments are worked out, and when paying extra is worth it.
TL;DRKey takeaways
What is a loan calculator?
A loan calculator works out the fixed monthly payment that pays a loan off over its term, and how each payment splits between interest and the loan.
The formula is M = P × r(1 + r)^n ÷ ((1 + r)^n − 1), where P is the amount, r the monthly rate and n the number of months.
Early payments go mostly to interest, and later ones mostly to the loan.
How to use the loan calculator
Your loan offer has every number you need.
It works for personal loans, car loans, student loans and business loans with a fixed rate.
A worked example
Here's the example the calculator loads when you press Try an example.
You borrow $25,000 at 8.5% for 5 years. The payment is $512.91 a month, and you pay $30,775 in total, so $5,775 is interest.
Add $50 a month and the loan is paid off in 54 months instead of 60. You pay $5,125 of interest, so the extra $50 saves $650.
How the term changes the cost
A longer term lowers the payment and raises the interest. Here's the same $25,000 at 8.5%.
- A month
- $789.19
- Total interest
- $3,411
- A month
- $512.91
- Total interest
- $5,775
- A month
- $395.91
- Total interest
- $8,257
The 7-year loan saves $117 a month against the 5-year one, and costs $2,482 more in the end. Pick the shortest term whose payment you can carry comfortably.
How the rate changes the cost
The rate matters even more. Here's $25,000 over 5 years at different rates.
- A month
- $471.78
- Total interest
- $3,307
- A month
- $512.91
- Total interest
- $5,775
- A month
- $556.11
- Total interest
- $8,367
- A month
- $634.84
- Total interest
- $13,090
Going from 18% to 8.5% saves $7,315 on this loan. That's why it pays to compare a few offers before you sign.
Before you sign
A few things on the offer change the real cost more than the payment.
Compare the APR
The APR includes the interest rate plus some of the fees, so it's the fairer number to compare offers on. Enter the APR as the rate here to see the full cost.
Check for fees on paying early
Some loans charge a fee if you pay them off early. Ask before you sign if you plan to pay extra.
Know what you'll pay in total
The total you pay is the honest price of the loan. The calculator shows it right beside the payment.
Mistakes to avoid
These make a loan cost more than it needs to.
- Choosing a loan by its monthly payment alone
- Taking the longest term to get the lowest payment
- Comparing interest rates instead of APRs
- Signing the first offer without comparing others
- Borrowing more than you need because you were approved for it
Run every offer through the calculator, and pick the one with the lowest total.
Who is the loan calculator for?
It's for anyone weighing a loan, and these tools help with the bigger picture.
- Debt payoff calculator – for planning several debts at once
- Mortgage calculator – for a home loan with tax, insurance and PMI
- Net worth calculator – for seeing where the loan leaves you
- Hourly to salary calculator – for checking the payment against your pay
- Business bank account finder – for founders borrowing for a business
Work out the loan here first, then see how it fits with everything else you owe.
More money calculators
Your currency and scene come with you to each one.
| Calculator | What it answers |
|---|---|
| Debt payoff calculator | When am I debt-free? |
| Mortgage calculator | What will a home really cost? |
| Net worth calculator | Where do I stand today? |
| Compound interest calculator | What if I invest instead? |
If you already have other debts, put them all in the debt payoff calculator to plan the order.
Plan your money with your AI
Take your numbers further in
Loan Calculator FAQs
Questions about the loan calculator? Here's what to know.
A loan calculator works out the monthly payment, the total interest and the payoff date of a loan.
This free one adds extra payments and the full schedule.
M = P × r(1 + r)^n ÷ ((1 + r)^n − 1), where P is the amount, r the monthly rate and n the months.
The calculator does it for you.
At 8.5% over 5 years, it's $512.91 a month, with $5,775 of interest.
A shorter or longer term and another rate change both.
On a $25,000 loan at 8.5% for 5 years, $50 extra a month saves $650 of interest and 6 months.
Put your own numbers in to see your savings.
It lowers the payment but raises the total interest.
Pick the shortest term whose payment you can carry comfortably.
The APR includes the interest rate plus some fees, so it's the fairer number to compare offers.
Enter the APR here to see the full cost.
Interest is charged on what you still owe, which is highest at the start.
As the balance falls, more of each payment goes to the loan.
Yes, for any loan with a fixed rate and a fixed term.
For a home, the mortgage calculator adds tax, insurance and PMI.
Yes, download every month as a CSV, or save the result as a page or a PDF.
Yes, it's free with no login.
I did.
I'm Navid Moazzez, and I made the loan calculator as one of my free tools on navid.me.
More about me.
Navid Moazzez
AI business strategist & AI OS builder
Navid Moazzez helps creators and founders master AI and build their own AI Operating System (AI OS) to automate their business and life.
Navid.me is reader-supported. When you buy through links on this site, I may earn an affiliate commission. Learn more.
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