Loan Calculator
Calculate monthly payments for any fixed-term loan. Experiment with extra payments to see your interest savings.
Loan Terms
Enter your loan details below.
Monthly Payment
$0
Total Loan Amount: $10,000
Balance History
Total Interest Paid:$0
Total Cost of Loan:$0
Scroll down to get your amortization schedule
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How to Use This Loan Calculator
This tool works for any amortizing loan (personal loans, auto loans, small business term loans). It assumes a fixed interest rate and monthly payments.
The Power of Extra Payments
Use the "Add Extra Monthly Payment" toggle to see how a small additional contribution can drastically reduce your total interest and shorten your loan term. Even just $50 extra a month can knock months or years off your debt.
Definitions
- Principal: The money you originally agreed to pay back.
- Interest: The cost of borrowing the principal.
- Term: The length of time you have to repay the loan.