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Loan Repayment Calculator
Any loan: personal, student, or line of credit. See the payment, total interest, and the power of paying extra.
Your Loan
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Yearly amortization
| Year | Principal paid | Interest paid | Remaining balance |
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About this calculator
This loan calculator works for any fixed-rate installment loan: personal loans, student loans, car loans, or a consolidated line of credit. Enter the amount, rate, and term to see your payment, total interest, and payoff date. Then try adding a recurring extra payment or a one-time lump sum: because every extra dollar goes straight to principal, even small amounts can shorten the loan and cut the total interest noticeably.
Loan FAQ
How is the payment calculated?
With the standard amortization formula: a fixed payment sized so that, at your interest rate, the balance reaches exactly zero at the end of the term. Each payment covers that period's interest first, and the remainder reduces the principal.
Do extra payments really make a difference?
Yes, extra payments go entirely to principal, so every future period accrues interest on a smaller balance. The green summary box shows exactly how many months sooner you'd finish and how much interest you'd save. One caution: a few loans charge prepayment penalties, so check your loan terms first.
What is accelerated bi-weekly payment?
You pay half the monthly payment every two weeks. Since there are 26 two-week periods in a year, you make the equivalent of 13 monthly payments instead of 12, an extra full payment each year that shortens the payoff.
Is the interest rate the same as APR?
Not always. APR includes certain fees along with interest, so it can be higher than the note rate. This calculator applies whatever rate you enter to the balance; if your lender quotes an APR that includes fees, results will be approximate.