How to use the loan calculator
Start with the amount you plan to borrow and the rate you want to test. The result includes Scheduled monthly payment, Total interest paid, Total cost, and one row for each month. You can also test an extra monthly amount or an origination fee.
- Enter the Loan amount ($) and Annual interest rate (%).
- Enter the Loan term, then choose Years or Months under Term unit.
- Enter Extra payment per month ($, optional) or Origination fee (%) when needed. Check Finance the fee into the loan to include the fee in Loan amount financed.
- Select Calculate.
- Select Copy result or Download result (.txt) for the summary and schedule. Select Reset to clear the fields and hide the result.
How fees and extra payments change the schedule
An empty optional field counts as zero. When Finance the fee into the loan is checked, the origination fee is added to the loan amount before the payment is calculated. When it is unchecked, the fee appears as an upfront cost in Total cost and leaves the payment and interest calculation unchanged.
Scheduled monthly payment is the regular payment before Extra payment per month ($, optional). The schedule adds the extra to each payment and applies it to principal. The final row is adjusted to clear the remaining balance, so that payment can be smaller than earlier rows.
Loan amount ($): 20000
Annual interest rate (%): 0
Loan term: 5
Term unit: Years
Scheduled monthly payment: $333.33Input checks and the payment formula
Loan amount ($) must be greater than 0. Annual interest rate (%) accepts 0 through 100. Loan term must be positive, Origination fee (%) accepts 0 through 10, and Extra payment per month ($, optional) cannot be negative. The calculator converts the selected term to months, rounds it to a whole month, and accepts 1 through 600 months.
At 0% interest, the calculator divides Loan amount financed by the number of months. At other rates, it uses r = Annual rate / 100 / 12 and Payment = Loan financed x r / (1 - (1 + r)^-n). The result includes the formula, assumptions, Loan amount financed, Total interest paid, Total cost, and the schedule columns Payment, Principal, Interest, and Remaining balance.
What the schedule can help you compare
- Enter a quoted amount and rate, then compare the regular payment with a planned extra monthly amount.
- Run the same origination fee once with Finance the fee into the loan checked and once unchecked to compare the payment and Total cost.
- Copy the month-by-month schedule into notes or download it as a text file for a repayment plan.
When to use another financial calculator
Browse Financial Calculators for Loans, Pay, Debt & Savings for other loan and money calculations. Use the Amortization Calculator when you already have a payment and need a period-by-period balance schedule. Use the APR Calculator when upfront fees, payment timing, and payment frequency belong in the annual rate. For a vehicle price, down payment, trade-in, sales tax, and title fees, use the Auto Loan Calculator.
The calculation runs in the browser, and the script does not send the loan values to a server. Copy result copies the summary and schedule when clipboard access succeeds. Download result (.txt) saves loan-calculator-result.txt. The calculator uses the numbers you enter, so it does not check credit or lender approval, fetch live rates or fees, or add insurance, taxes, or other costs you leave out.
Frequently asked questions
How do I calculate a monthly loan payment?
The calculator uses Loan amount financed, the monthly rate, and the term in months in the displayed payment formula. At 0% interest, it divides Loan amount financed by the number of months.
Can I include an origination fee in the loan payment?
Yes. Enter Origination fee (%) and check Finance the fee into the loan to add it to Loan amount financed. If the box stays unchecked, the fee is treated as an upfront cost.
What happens when I add an extra monthly payment?
The extra amount is added to each regular schedule payment and applied to principal. The schedule can finish before the original term, and the final payment is adjusted to the remaining balance.
Can a loan calculator use years instead of months?
Yes. Enter Loan term and choose Years under Term unit. The calculator converts the value to months and rounds it before building the schedule.
Does this loan payment calculator use live lender rates?
No. It calculates from the numbers you enter. It does not fetch live interest rates or fees, check credit data, or make lender approval decisions.