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Loan Calculator
Extra Payment Calculator
See how much you can save by making extra payments each month.
Compare Loan Options
Compare two different loan terms to see which is better for you.
Loan Calculator
Calculate loan payments, interest costs, and amortization
What is Loan Calculator?
Loan Calculator helps you understand the true cost of borrowing money. See your monthly payments, total interest, and get a complete amortization schedule showing how each payment breaks down over time.
Why Would You Need to Calculate Loans?
Understanding loan costs helps you make better financial decisions:
- Mortgage planning: See what you'll actually pay for a home over 30 years
- Car loans: Compare dealer financing to bank rates
- Personal loans: Understand total cost before signing
- Refinancing: See if a new loan rate actually saves you money
- Extra payments: Discover how much you can save by paying extra each month
How to Calculate Loan Payments - Step by Step
- Enter loan amount: Type the total amount you're borrowing
- Set the term: Enter the loan length in years or months
- Add interest rate: Enter the annual interest rate (APR)
- View your results: See monthly payment, total interest, and full amortization schedule
Key Features
- Amortization schedule: See every payment broken into principal and interest
- Extra payment calculator: Find out how much extra payments save you
- Loan comparison: Compare two different loan options side by side
- Multiple currencies: Calculate in 12 different currencies
- Flexible terms: Enter loan length in years or months
- Interest breakdown: See what percentage of the loan goes to interest
Tips for Best Results
- Use the extra payment calculator to see how even $50/month extra can save thousands
- Compare shorter term loans - higher payments but much less total interest
- Check the amortization schedule to see when you start paying more principal than interest
Frequently Asked Questions
How is monthly payment calculated?
We use the standard amortization formula that banks use. It ensures equal payments throughout the loan while properly allocating principal and interest.
Why does most of my early payment go to interest?
Interest is calculated on the remaining balance. When you owe more (early in the loan), more of your payment covers interest. This flips over time.
How much can I save with extra payments?
Use our "Extra Payment" section! Even small extra amounts can cut years off your loan and save thousands in interest.