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Use this loan payment calculator to estimate monthly repayments, total interest, total paid, payoff time, and the impact of extra monthly payments. It is useful for comparing personal loans, auto loans, mortgages, and fixed-rate borrowing before you commit.
Updated: May 10, 2026
Looking for a related estimate? Try Interest Calculator or Compound Interest Calculator.
What you will get
Clear input, result, and explanation in one place
The result shows the monthly payment and the expected payoff timing.
Snippet
Loan payments combine principal, interest, and the loan term. A longer term usually lowers the monthly repayment but increases the total interest you pay across the life of the loan. A shorter term or extra payment can reduce total interest if the higher payment fits your budget.
Calculator
Inputs
Live updatesEnter the loan amount, interest rate, term, and any extra monthly payment.
This is a fixed-rate repayment estimate and does not include fees or variable-rate changes.
Result
The result shows the monthly payment and the expected payoff timing.
Current estimate
$2,212 per month
Estimated payoff: 30.0 years with total interest of $446,406.
Supporting details
Example
For a $20,000 loan at 6% over 5 years, monthly payments are lower than a 3-year loan but total interest paid is higher. That tradeoff is why the monthly repayment and total interest should be reviewed together.
Formula
Fixed-rate loan calculators usually use the amortization formula: payment = principal x monthly rate x (1 + monthly rate)^number of payments / ((1 + monthly rate)^number of payments - 1). The exact formula matters less than understanding the tradeoff between rate, term, and total interest.
Comparison
Short terms mean higher monthly payments but less interest overall. Long terms reduce the monthly amount but usually increase total interest, so the better choice depends on what you can comfortably afford.
Improvement
Extra payments, a shorter term, or a lower interest rate can reduce the total cost. Even small additional payments can make a noticeable difference over time because they reduce the remaining principal faster.
Amortization
With amortized loans, early payments often include more interest because the remaining balance is still high. Later payments shift more toward principal as the balance falls.
When to use it
Use it when you are planning a loan, comparing offers, or trying to build a realistic budget before you borrow.
Comparison
A loan calculator tells you what borrowing costs. A savings calculator tells you what cash flow you may have left after repayments, which is why the two pages work well together.
Common questions
Interest is based on the balance, rate, and loan term, with each repayment affecting how much interest remains.
Amortization is the process of paying down a loan through scheduled payments that include both interest and principal.
Loan amount, interest rate, and term length are the main drivers of the monthly repayment.
A shorter term often reduces total interest, but only if the higher monthly payment fits your budget.
You can reduce interest by paying extra, choosing a shorter term, or finding a lower rate.
It is a useful estimate based on the inputs you enter, but fees or variable rates can change the real result.
Helpful guide
Understand take-home pay, gross vs net pay, payslips, deductions, monthly salary after tax, overtime, and job-offer comparisons.
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