OmniCalcsLoan Calculator
See your monthly payment, total interest and full amortization schedule for any loan.
How to Use This Loan Calculator
Enter the amount you plan to borrow, the annual interest rate and the term in years to see your monthly payment and how much interest you will pay over the life of the loan. Add an extra monthly payment to see how much faster the balance is retired.
- Loan amount — the total you borrow, not including fees or taxes.
- Interest rate — the annual percentage rate your lender charges.
- Term — longer terms mean smaller payments but more total interest.
- Amortization table — the first 24 months show how each payment is split between interest and principal.
Practical Example
Suppose you borrow $25,000 at 7.5% annual interest for 5 years with no extra payments:
- Monthly payment ≈ $500.85
- Total interest over the term ≈ $5,051
- Total amount repaid ≈ $30,051
If you instead add an extra $100/month, the loan is paid off in about 4 years 2 months and saves you roughly $720 in interest.
What Your Results Mean
- Monthly payment — your fixed payment each month covering principal and interest.
- Total paid — everything you repay, including the original amount.
- Total interest — the cost of borrowing; lower rates and shorter terms reduce this.
- Payoff time — how long until the balance hits zero, shortened by extra payments.
Frequently Asked Questions
What is amortization?
Amortization is the process of paying off a loan with regular, equal payments. Each payment covers the interest accrued since the last payment plus a portion of the principal, so the balance declines over time.
Why is most of my early payment interest?
Interest is charged on the outstanding balance, which is largest at the start. As the principal shrinks, more of each payment goes toward the principal and less toward interest.
Does this include fees or taxes?
No. This calculator covers principal and interest only. Add origination fees, taxes or insurance to your loan amount to see their impact.
How much can I save with extra payments?
Extra payments go straight to principal, which shortens the term and reduces total interest. Even a modest amount each month can shave years off the loan.
What is the formula for the monthly payment?
The monthly payment uses M = P·r(1+r)ⁿ / ((1+r)ⁿ − 1), where P is the loan amount, r is the monthly interest rate and n is the number of monthly payments.
Learn More
Read our in-depth guide: How Loan Payments and Amortization Work — the math behind this calculator, explained step by step.