Why Use This Calculator?
Before you sign any loan, you deserve to see the whole picture: the monthly payment, the total interest you'll hand over, and exactly how each payment splits between principal and interest. This calculator lays out the full amortization schedule month by month.
Watch the schedule closely — early payments are almost all interest. That's why extra principal payments early in a loan save so much: every extra dollar removes a dollar that would have accrued interest for years.
How It Works
- Enter the loan amount, APR, and term in months.
- Read the monthly payment and lifetime interest cost.
- Scroll the amortization schedule to see the interest-to-principal shift over time.
Frequently Asked Questions
Can this work as a personal loan payment calculator?
Yes — any fixed-rate, fixed-term installment loan works: personal loans, debt consolidation, student loans, or a loan from family at a set rate.
How do I use this as a loan payoff calculator?
Re-run the numbers with a shorter term, or compare the total interest at your current term versus a shorter one. The interest difference is exactly what early payoff saves.
What is an amortization schedule?
It's the payment-by-payment ledger showing how much of each check goes to interest versus principal, and the remaining balance after every payment.
Tips & Things to Watch
- Extra principal early saves the most interest — late extra payments save least.
- APR already includes most fees, so compare loans by APR, not the bare rate.
- A shorter term raises the payment but slashes total interest — test both above.