WAVESPEED AI LOAN CALCULATOR Works in your browser

100% FREE

Free Loan CalculatorPayment, interest and every payment, laid out.

Enter the amount, rate and term to see your payment, the total interest and when the loan is paid off.
Add extra payments to see how much they save, switch to mortgage mode for tax and insurance, and download the schedule.

Amortization scheduleExtra paymentsMortgage mode

No sign-up Unlimited use Remembers your numbers

Currency

Loan amount

Interest rate (APR)

Term in years

Plus months

How often you pay

First payment date

Extra payments (optional)

Extra with every payment

One-time extra

With payment no.

Monthly payment

$495.03

Loan amount: $25,000.00
Total interest: $4,701.82
Total of payments: $29,701.82
Number of payments: 60

Principal$25,000.0084%
Interest$4,701.8216%

Amortization schedule

Year	Principal	Interest	Balance
1	$4,327.45	$1,612.91	$20,672.55
2	$4,640.26	$1,300.10	$16,032.29
3	$4,975.74	$964.62	$11,056.55
4	$5,335.41	$604.95	$5,721.14
5	$5,721.14	$219.24	$0.00
Total	$25,000.00	$4,701.82	$0.00

Interest is worked out on the balance at each payment and rounded to the cent, so the last payment can differ by a few cents. Your lender's figures may differ slightly if it counts interest by the day.

Calculated on your device. What you type is not sent anywhere.

THREE SIMPLE STEPS

How to calculate a loan payment

Enter the loan

Type the amount, the yearly interest rate and the term. Pick how often you pay.

Read the payment

See the payment, the total interest, the number of payments and the payoff date right away.

Check the schedule

Add extra payments, look at the chart and the schedule, and download it as a CSV file.

Worked examples

A car loan

Borrow $25,000 at 5% a year for 5 years, paid monthly.

Monthly rate r = 5% ÷ 12 = 0.4167%; payments n = 5 × 12 = 60.
Payment = 25,000 × r ÷ (1 − (1 + r)^−60).
Over 60 payments you pay $28,306.88 in total.

Payment: $471.78 a month. Total interest: $3,306.88.

A 30-year mortgage

A $400,000 home with 20% down, 6.5% for 30 years, property tax 1.1% a year and insurance $1,500 a year.

Loan = 400,000 − 80,000 = $320,000.
Principal and interest at 6.5% over 360 payments = $2,022.62.
Tax 4,400 ÷ 12 = $366.67 and insurance 1,500 ÷ 12 = $125.00 a month.

Monthly payment: $2,514.29. Interest over the loan: $408,140.64.

Paying a little extra

A $200,000 loan at 6% for 30 years ($1,199.10 a month), with $100 extra each month.

The extra goes straight to the principal, so less interest builds up.
The loan is paid off after 295 payments instead of 360.

You finish 5 years 5 months sooner and save $49,138.85 in interest.

The loan payment formula

payment = P × r ÷ (1 − (1 + r)^−n)r = yearly rate ÷ payments per year, n = years × payments per year

P is the amount borrowed. Each payment first covers the interest on what you still owe (balance × r); the rest pays down the principal. That is why early payments are mostly interest and later ones mostly principal.

With a 0% rate the payment is simply P ÷ n.

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Loan Calculator FAQ

How is the monthly payment calculated?

With the standard formula for a fixed-rate loan: payment = P × r ÷ (1 − (1 + r)^−n), where P is the amount, r the rate per payment and n the number of payments. Each payment covers that period's interest first and the rest reduces the balance.

What do biweekly or weekly payments change?

The rate per payment is the yearly rate divided by the number of payments a year (26 or 52), and the term has that many more payments. Paying every two weeks means 26 half-size payments a year, which pays the loan off a little faster than 12 monthly ones.

How do extra payments help?

Every extra amount goes straight to the principal. Less principal means less interest at every later payment, so the loan ends sooner. The calculator shows the interest you save and how much sooner you finish.

What does the mortgage mode include?

The home price, down payment, interest rate and term, plus property tax and home insurance, which are added to each payment. Mortgage insurance (PMI) and HOA fees are not included; add them to the insurance amount if you pay them every month.

Can I use my own currency?

Yes. Choose from 35 currencies. Amounts are rounded to the currency's smallest unit, so yen have no decimals.

Why might my lender's numbers differ slightly?

Lenders may count interest by the day, round differently or add fees. This calculator rounds each payment's interest to the cent and adjusts the last payment, which is what most amortization schedules do.

Is it free and private?

Yes. It is free with no sign-up, it calculates in your browser, and your numbers are only saved in your own browser for next time.

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