Free online loan calculator

How to use

1. Enter the loan amount (principal), the annual interest rate (APR), and the term in years.
2. Optionally add an extra monthly payment to see how it shortens the loan and reduces interest.
3. Press “Show schedule” to see the full month-by-month amortization table.
4. Press “Share with my numbers” to save or send your scenario.

The formula

      P · r · (1 + r)^n
M  =  ─────────────────
        (1 + r)^n − 1

• P — loan principal
• r — monthly rate = annual APR / 12 / 100
• n — total payments = years × 12

Each month: Interest = balance × r, Principal = M − interest, New balance = balance − principal.

Worked example

$20,000 personal loan at 7% APR for 5 years:

• r = 0.07 / 12 ≈ 0.005833
• n = 60
• M ≈ $396.02/month
• Total paid: ≈ $23,761 — so $3,761 in interest

Adding $100/month extra cuts the term to about 50 months and saves roughly $590 in interest.

Notes

• APR is the yearly rate; this calculator divides it by 12 for monthly compounding, which is standard for US installment loans.
• Some loans compound daily. If yours does, your actual payments may differ slightly.
• This tool is for planning — compare against the official Truth-in-Lending disclosure for your actual loan.