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Debt & Credit
Loan Payment Calculator
Calculate monthly loan payment, total interest and total repayment for a fixed-rate amortizing loan.
Required monthly payment
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Change the inputs and calculate.
Payment with extra
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Interest at required payment
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Interest with extra payment
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Estimated months saved
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Calculation breakdown
Starting principal—
Scheduled term—
Scheduled total payments—
Total paid with extra—
Fixed-rate loan payment formula
An amortizing loan payment is designed to pay both interest and principal so the balance reaches zero at the end of the term. Extra principal payments can shorten the payoff period and reduce interest, assuming the lender applies them to principal without a prepayment penalty.
Frequently asked questions
Does an extra payment reduce the required payment?
Usually no. It normally shortens payoff unless the lender formally recasts the loan.
What happens at 0% interest?
The loan amount is divided evenly across the term.
Does this work for variable-rate loans?
No. It assumes a fixed interest rate.
Results are estimates for informational purposes only. Verify important financial, tax, real-estate or investment decisions with a qualified professional.