FinlyCalc
Home / Loan Calculator

Loan Calculator with Amortization Schedule

A loan calculator works out the monthly payment on a fixed rate loan from the amount you borrow, the interest rate, and the term. This free tool covers auto, personal, and student loans, shows the total interest and the full month by month schedule, and tells you how much an extra payment saves. Everything runs in your browser, with no signup.

Updated for 2026

Your loan

Drag a slider or type a value. Results update instantly.
$
% APR
years
$/ mo
Monthly payment
$0
Loan amount
$0
Total interest
$0
Total of payments
$0
Payoff date
2031

Amortization schedule

The schedule shows how each payment splits between interest and principal across the life of the loan. Early payments lean toward interest, later ones toward principal. Switch between a yearly summary and the full monthly view.

YearPrincipalInterestExtraBalance

How a loan payment is calculated

A fixed rate loan is repaid with the same amount every month. That amount comes from the standard amortizing loan formula:

M = P × [ r(1 + r)n ] / [ (1 + r)n − 1 ]

where M is the monthly payment, P is the loan amount, r is the annual rate divided by 12, and n is the number of monthly payments (the term in years times 12).

Worked example (Stand: 2026)
  • Loan amount (P)$30,000
  • Rate (7.5 percent, so r)0.00625
  • Payments (5 years, so n)60
  • Monthly payment (M)$601
  • Total interest$6,068
  • Total of payments$36,068

Frequently asked questions

How is a loan payment calculated?
An amortizing loan uses M = P times r times (1 + r)^n divided by ((1 + r)^n minus 1), where P is the amount, r is the annual rate divided by 12, and n is the number of months. Each payment covers that month's interest first, and the rest reduces the balance.
What is APR on a loan?
APR is the yearly cost of the loan including the interest rate and most fees, shown as a percentage, so you can compare loans on a like for like basis. This tool treats the rate you enter as the annual rate.
Does paying extra save money?
Yes. Extra payments go straight to principal, so you owe interest on a smaller balance from then on. Set an extra monthly amount above to see the interest saved and how much sooner the loan is paid off.
Does it work for auto, personal, and student loans?
Yes. The monthly payment math is the same for any fixed rate amortizing loan. Just enter the rate and term for your specific loan.
Does this calculator store my information?
No. Every calculation runs in your browser. Nothing you type is sent to a server or saved.

More free calculators

One job per tool, each on its own page, all free and browser based.

Mortgage Calculator
Payment, schedule, and extra payment savings
Compound Interest
Growth of savings and investments over time
Loan Calculator
Auto, personal, and student loan payments
Auto Loan Calculator
Car payment with trade in and sales tax
Savings Goal Calculator
Monthly amount to hit a target by a date