Loan Calculator

Use CalculatorFox’s free Loan Calculator to estimate your monthly payment, total interest, and total cost of a loan. It also generates a detailed amortization schedule so you can see how each payment is split between principal and interest.

Monthly Payment
(Principal & Interest)
$0
Total Interest
$0
Total Payment
$0

Early Payoff Estimate (Optional)

Add an extra monthly payment above to see how much faster you could pay off your loan and how much interest you might save compared to the standard schedule.

New Payoff Time
–
Interest Saved
$0
Months Saved
0

Estimates assume a fixed-rate loan and consistent extra payments over time.

Amortization Schedule

Enter a loan amount, interest rate, and term to view your payment breakdown.

Payment # Payment Principal Interest Balance

This table shows a standard fixed-rate amortization schedule without extra payments. Extra payments are reflected in the early payoff estimate above.

About the Loan Calculator

The Loan Calculator helps you estimate your monthly payment, understand how much of each payment goes toward interest versus principal, and see the true long-term cost of borrowing. It’s ideal for planning mortgages, auto loans, personal loans, and student loans.

Formula Used

M = P × [r(1+r)n] / [(1+r)^n−1]

Where:
M = monthly payment
P = loan amount (principal)
r = monthly interest rate (annual rate ÷ 12 ÷ 100)
n = total number of payments (years × 12)

Example Calculation

For a $20,000 loan at 6.5% annual interest over 5 years (60 months):
M ≈ $391.32 per month
Total paid ≈ $23,479.20
Total interest ≈ $3,479.20

How to Use This Loan Calculator

  • Enter your loan amount, interest rate, and term in years.
  • Review your monthly payment, total interest, and total cost.
  • Scroll down to see the amortization schedule showing each monthly payment.
  • Optionally add an extra monthly payment to estimate interest savings and months saved.

Sources

Financial formula references and methodology derived from:
• U.S. CFPB
• U.S. SEC Investor Education

Disclaimer

This tool provides general estimates and is for informational purposes only. It does not constitute financial advice. Always confirm actual payment amounts and loan terms with your lender.