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Loan Calculator

Calculate monthly loan payments, total interest, and amortization schedule. Free loan calculator for any loan type.

Loan Calculator

Calculate your monthly loan payment, total interest, and see how extra payments can save you money.

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Monthly Payment

$489.15

Total Interest$4,349.22
Total Cost$29,349.22
Payoff DateApril 2031
Loan Amount$25,000.00
Total Interest$4,349.22
Total Repayment$29,349.22
Principal (85.2%)Interest (14.8%)

How to Use This Loan Calculator

Enter your loan amount, annual interest rate, and loan term to instantly see your monthly payment, total interest, and total cost of the loan. You can switch between months and years for the loan term, and optionally add an extra monthly payment to see how much you can save in interest and time.

How Extra Payments Help

Making extra payments on your loan reduces the principal balance faster, which means less interest accrues over time. Even a small extra payment each month can save you thousands of dollars in interest and shave months or years off your loan. The calculator shows you exactly how much you save.

Tips for Managing Your Loan

  • Compare offers from multiple lenders to get the best rate
  • Consider a shorter loan term if you can afford higher monthly payments
  • Set up automatic payments to avoid late fees
  • Apply any windfalls (bonuses, tax refunds) as extra payments
  • Refinance if rates drop significantly below your current rate
100% FreeNo Sign-up RequiredPrivacy-First (Client-Side)400+ Tools Available

How to Use

  1. 1Enter the loan amount, annual interest rate, and loan term in years.
  2. 2Optionally adjust the start date and any extra monthly payments.
  3. 3View your monthly payment, total interest paid, and full amortization schedule.

Frequently Asked Questions

What is an amortization schedule?
An amortization schedule is a table showing each loan payment broken down into principal and interest. Early payments are mostly interest, while later payments go primarily toward principal.
How are monthly loan payments calculated?
Monthly payments use the formula M = P[r(1+r)^n] / [(1+r)^n - 1], where P is the loan amount, r is the monthly interest rate, and n is the total number of payments.
What is the difference between APR and interest rate?
The interest rate is the cost of borrowing the principal. APR (Annual Percentage Rate) includes the interest rate plus other fees and costs, giving a more complete picture of the true cost of borrowing.
How do extra payments affect my loan?
Extra payments go directly toward the principal balance, reducing the total interest paid and shortening the loan term. Even small additional payments can save thousands over the life of the loan.
What factors affect my loan interest rate?
Key factors include your credit score, loan term, down payment amount, loan type, current market conditions, and the lender. Higher credit scores and shorter terms typically get lower rates.

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