Loan Payment Calculator
Calculate your monthly payment, total interest, and full amortization schedule. Add extra monthly payments to see how they shorten your loan and reduce interest.
Monthly payment: $1,199.10
Total interest: $231,676.38
Total paid: $431,676.38
Payoff in: 360 months
Amortization Schedule
| Month | Payment | Principal | Interest | Extra | Balance |
|---|---|---|---|---|---|
| 1 | $1,199.10 | $199.10 | $1,000.00 | $0.00 | $199,800.90 |
| 2 | $1,199.10 | $200.10 | $999.00 | $0.00 | $199,600.80 |
| 3 | $1,199.10 | $201.10 | $998.00 | $0.00 | $199,399.71 |
| 4 | $1,199.10 | $202.10 | $997.00 | $0.00 | $199,197.60 |
| 5 | $1,199.10 | $203.11 | $995.99 | $0.00 | $198,994.49 |
| 6 | $1,199.10 | $204.13 | $994.97 | $0.00 | $198,790.36 |
| 7 | $1,199.10 | $205.15 | $993.95 | $0.00 | $198,585.21 |
| 8 | $1,199.10 | $206.17 | $992.93 | $0.00 | $198,379.04 |
| 9 | $1,199.10 | $207.21 | $991.90 | $0.00 | $198,171.83 |
| 10 | $1,199.10 | $208.24 | $990.86 | $0.00 | $197,963.59 |
| 11 | $1,199.10 | $209.28 | $989.82 | $0.00 | $197,754.31 |
| 12 | $1,199.10 | $210.33 | $988.77 | $0.00 | $197,543.98 |
How It Works
We use the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n − 1]
Where P = principal, r = monthly rate (APR ÷ 12 ÷ 100), and n = number of months. Extra payments go directly to principal, reducing the balance faster and cutting total interest.
Examples
Standard 30-year mortgage
$300k at 6.5% for 30 years
$300,000 @ 6.5% for 360 months
Auto loan 5 years
$25k car loan at 7% for 5 years
$25,000 @ 7% for 60 months
Mortgage with $200 extra/month
See how $200 extra saves interest and shortens term
$250,000 @ 6% for 360 months, +$200/mo extra
Personal loan with lump sum
$10k loan, $2k lump sum at month 12
$10,000 @ 10% for 36 months
Frequently Asked Questions
- What formula does the loan calculator use?
- We use the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n - 1], where P is principal, r is monthly interest rate, and n is number of months.
- How do extra payments affect my loan?
- Extra payments go directly to principal, reducing the balance faster. This shortens the loan term and reduces total interest. The calculator shows the impact of both monthly extra payments and lump sums.
- Can I add a lump sum payment?
- Yes. You can specify a one-time lump sum and the month when you'll make it. The calculator will show how it affects your payoff date and total interest.
- Is the amortization schedule accurate?
- The schedule is an estimate. Actual lenders may round differently or have different payment application rules. Always verify with your lender.