Loan Payment & Amortization Calculator

This mobile-first loan calculator gives you the numbers that actually matter when you’re comparing offers or planning a payoff strategy. Type the loan amount, APR, and term and you’ll instantly see a clear monthly payment, your total interest across the life of the loan, and the expected payoff month. Toggle the optional extra monthly payment to see exactly how many months and how much interest you can save by paying a little more than required.

Everything is formatted for tiny screens and quick checks: the main payment is emphasized, totals are grouped under concise labels, and a compact Snapshot highlights Month 1, Month 12, Month 24, the point where about half the principal has been repaid, and the final month. Need the full detail? Export the complete amortization schedule as CSV and open it in Sheets or Excel.

Good inputs = good decisions. Use the APR from your lender’s disclosure (not just the nominal rate). APR represents the yearly cost of borrowing and is what most people compare across lenders. Enter the principal you’ll actually finance after down payments or fees are applied. If you’re evaluating multiple offers, keep the term constant while you vary APR—or vice versa—so differences are easy to see. For precision, choose the correct currency in the dropdown; the app auto-detects but you can override it anytime.

• APR vs. rate: APR usually runs a bit higher because it reflects fees; that’s the right number for total-cost planning.
• Term selection: Longer terms shrink the monthly payment but often raise total interest; shorter terms do the opposite.
• Extra payment: Even a small recurring extra (e.g., 25–50 units of your currency) can remove months from the schedule.

The big figure is your monthly payment. Below that, the Totals block shows Total interest, Total cost (principal + interest), and Payoff time in months and years. If you add an extra payment, you’ll also see Interest saved and Time saved, plus the new payoff. The Snapshot card is a quick health check: Month 1 reveals how much of your payment initially goes to interest, while Month 12 and Month 24 show how principal acceleration improves over time. The “~50% paid” marker helps you visualize the turning point where most of each payment starts hammering down the balance.

Strategy: Use extra monthly payments when cash flow is steady; use occasional lump sums if your income is irregular. Prioritize higher-APR debts first (debt avalanche) or smallest balances for motivation (debt snowball). This tool reflects fixed-rate amortization; adjustable-rate loans and mortgages with escrow will differ in practice. Limits: Taxes, insurance, origination fees, and prepayment penalties aren’t included here so you can compare offers apples-to-apples. Always check your loan agreement before making aggressive prepayments.

• Payment formula: We convert APR to a monthly rate (APR ÷ 12) and apply the fixed-rate amortization formula. If APR is 0, the payment is simply principal ÷ months.
• Extra payments: Any monthly extra goes straight to principal after interest, shortening the schedule and reducing total interest.
• What’s not included: Taxes, insurance, fees, and escrow aren’t part of the math—this is the pure principal & interest view.