Loan Calculator
See your monthly payment, total interest and payoff date. Free, no sign-up, nothing you type leaves your browser.
Results
Monthly payment $386.66. Total interest $3,199.35. Paid off by October 2031. With $100 extra a month, you save $754.99 and finish 13 months earlier.
Monthly payment
$386.66/ month
60 monthly payments, November 2026 to October 2031. The last one is $386.41.
With $100 extra a month: you save $754.99 in interest and finish 13 months earlier (September 2030).
Calculated in your browser. Nothing is saved or sent.
Balance left over time
Balance falls from $20,000.00 to $0.00 by October 2031, or by September 2030 with $100 extra a month.
Payment schedule
Open a year to see each payment.
Normal plan
Have more than one debt? Plan them all with your bills and income in Money Follow-Up.
How this is calculated
The calculator assumes a fixed interest rate for the whole loan. Each month, interest is the balance left times your APR divided by 12, rounded to the cent. Your payment covers that interest first, and the rest lowers the balance.
Extra payments go straight to the balance in the month they are paid: every month, once a year in the month you choose, or one time. Every month after that builds less interest. Because each month is rounded to the cent, the last payment can be a few cents larger or smaller than the others; on long loans at high rates the difference can grow to dollars, and the results show the exact last payment.
Every 2 weeks means half the monthly payment every 14 days, starting on the 1st of the first payment month: 26 payments a year. Each payment’s interest is the balance left times your APR divided by 26, rounded to the cent, and an extra payment goes with the first payment of its month. Lenders handle payments every 2 weeks differently (some hold each half until the full payment is due), so check how yours applies them.
Fees paid upfront are added to the total cost. Fees added to the loan are borrowed with it, so the monthly payment repays them with interest. The effective APR is the yearly rate at which the normal plan’s monthly payments repay exactly the money you receive (the loan amount, minus any fees paid upfront): that monthly rate times 12.
Monthly payment
P × r ÷ (1 − (1 + r)−n)
- PLoan amount (plus fees added to the loan)
- rAPR ÷ 12, as a decimal (6% gives 0.005)
- nNumber of monthly payments
Questions
APR (annual percentage rate) is the yearly cost of borrowing, shown as a percentage. This calculator treats it as a fixed yearly rate and charges one twelfth of it each month. A lender’s APR can include some fees, so check your loan offer for the exact figure.
Yes. Interest is charged on the balance left each month. Anything you pay above the required payment lowers that balance right away, so every later month’s interest is smaller and the loan ends sooner. Add an extra amount above and the box under your results shows what you save. Check first that your lender has no prepayment fee.
Any extra payment lowers the balance from the month it is paid, so every later month builds less interest. The earlier it is paid, the more it saves. Choose Monthly, Yearly or One-time under the extra payment to compare, for example a yearly bonus or a tax refund.
You pay half your monthly payment every 14 days. That makes 26 half payments a year, the same as 13 monthly payments instead of 12, so the loan ends sooner and costs less interest. Lenders handle this differently: some apply each half payment right away, others hold it until the full payment is due, which saves less. Ask yours before you switch.
Fees paid upfront come out of your pocket at the start, so the total cost adds them to what you repay. Fees added to the loan are borrowed: your payment repays them, with interest. The effective APR turns both into one yearly rate you can compare between offers.
Your monthly payment goes up, but the balance shrinks faster, so you pay less interest in total and finish sooner. Change the term above to compare the two.
Yes. Download PDF saves your loan, the results and every payment of the schedule shown, ready to keep or print. Download CSV saves the same in a spreadsheet file. Both are made in your browser, and your browser’s Print (Ctrl+P) prints the page with every payment.
No. Every number is calculated in your browser. Nothing you type is saved or sent to our servers, and you don’t need an account.