Calculate monthly loan payments, total interest, and the full amortization schedule. Free loan calculator with extra-payment payoff comparison.
Thinking about borrowing — a car, a home renovation, a business loan? The monthly number a lender quotes you is only half the story. Punch in the amount, rate, and term above and see the full picture: monthly payment, total interest, what the loan really costs, and a year-by-year schedule of where your money goes.
Two loans can have the same monthly payment but wildly different total costs. A 7-year car loan feels cheaper month-to-month than a 4-year one, but you'll pay thousands more in interest. Always compare the total cost line, not just the monthly figure — that's where lenders hope you won't look.
Here's the part most calculators skip: even a small extra payment toward principal each month skips future interest entirely, because interest is charged on the remaining balance. Try adding $50 or $100 in the extra-payment box and watch the "debt-free by" date jump forward and the total interest shrink. On a long loan, a modest extra payment routinely saves thousands.
Equated Monthly Installment — the fixed amount you pay every month, covering part of the loan plus interest.
Because interest accrues every month on the remaining balance. More months means more interest, even though each payment is smaller.
Yes — because they reduce the balance that future interest is charged on. Try $50 extra in the calculator: on a typical 5-year loan it saves hundreds in interest and cuts months off the term. Always confirm your lender applies extra payments to principal with no prepayment penalty.
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