Loan Calculator
Calculate monthly payments and see a year-by-year balance schedule for any loan.
Whether it's a personal loan, auto loan, or any other fixed-term borrowing, the same reducing-balance math determines your monthly payment and how quickly your balance shrinks. This calculator goes a step further than a simple payment estimate by showing a year-by-year breakdown of your remaining balance, so you can see exactly how much of the loan is paid off at any point during the term — useful when deciding whether refinancing or an early payoff makes financial sense.
Enter the loan amount, annual interest rate, and term in months to get an instant monthly payment figure along with total interest and total repayment over the life of the loan. The balance schedule updates live, making it easy to experiment with different terms — a shorter term means a higher monthly payment but substantially less total interest, while a longer term spreads payments thinner at a higher total cost.
This calculator works for any type of installment loan with a fixed rate and fixed term — the underlying formula doesn't care whether you're financing a car, consolidating debt, or borrowing for a major purchase.
How to use Loan Calculator
- 1
Enter the loan amount
Input how much you're borrowing.
- 2
Enter the interest rate and term
Input the annual rate and the number of months you'll repay over.
- 3
Review your payment and schedule
See your monthly payment plus a year-by-year remaining balance table.
Features
- Works for any fixed-rate installment loan type
- Year-by-year remaining balance breakdown
- Instant recalculation as you adjust term or rate
- Shows total interest cost alongside the monthly payment
Frequently asked questions
Common mistakes to avoid
- Choosing the longest available term just to minimize the monthly payment, without considering the higher total interest cost.
- Ignoring the remaining balance schedule when deciding whether early payoff or refinancing is worthwhile.
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