Loan Calculator
Calculate monthly loan payments, total interest, and payoff date for personal loans, home loans, and other installment loans
Loan Details
Typical: 6% - 18%
Extra Payments
Additional amount each month
Loan Summary
Loan Details
Financial Disclaimer
This calculator provides estimates for informational purposes only. Actual loan terms, rates, and payments may vary. This is not financial advice. Consult with a qualified financial advisor or lender for specific guidance. PayoffCalculator.io is not a lender and does not provide loans.
How to Use This Loan Calculator
Enter the loan amount, annual interest rate, and loan term. Add an extra monthly payment if you want to see how faster principal payments affect interest and payoff time.
Understanding Loan Loans
Most installment loans use amortization: each monthly payment covers interest first, then reduces principal. As the balance falls, more of each payment goes toward principal.
Tips for Getting the Best Loan Rate
Compare several loan terms before choosing. A longer term lowers the monthly payment but usually increases total interest. If your budget allows, make extra principal payments and confirm your lender applies them to principal.
Frequently Asked Questions
A loan payment depends on the loan amount, interest rate, and term. Enter those numbers in the calculator to estimate the monthly payment, total interest, and payoff date.