Loan Calculator – Calculate Payments & Interest
Estimate your loan payment, total interest, borrowing cost, payoff date and repayment schedule with our advanced loan calculator.
Customize Your Loan
Extra Payment Calculator
See how additional payments may reduce your interest and shorten the life of your loan.
Loan Comparison
Compare your current loan against another interest rate.
Current Loan
Alternative Loan
Year-by-Year Repayment
See how your principal and interest change throughout the loan.
| Year | Principal | Interest | Total Paid | Remaining Balance |
|---|
| Payment # | Payment | Principal | Interest | Balance |
|---|
How Does the Loan Calculator Work?
This loan calculator estimates the periodic payment required to repay a loan based on the amount borrowed, interest rate and repayment term. It also estimates total interest, borrowing costs and the remaining balance over time.
Loan Payment Formula
For a standard reducing-balance loan, P represents the principal, r represents the interest rate for each payment period and n represents the total number of payments.
Why Make Extra Loan Payments?
Additional principal payments can reduce the outstanding balance faster. Depending on the loan agreement, this can reduce the amount of future interest charged and may shorten the repayment period.
