Money
Loan calculator
Monthly payment, interest, and a schedule you can scan.
Result
Enter the amount, the rate, and how long you would take to pay it off.
How this works
This is an installment loan with a fixed rate. The monthly payment is the one that would pay the balance down to zero in the number of months you chose, before any extra. Extra money goes to principal, so the loan ends sooner and the interest shrinks.
Each month, interest is the prior balance times the yearly rate divided by 12, rounded to the cent. The last payment is smaller if that is what it takes to land on zero. A car loan, a personal loan, or a family note can all use this shape. Your contract’s fees and due dates are not in here.
An example
$8,500 at 7.9% for 4 years, with $25 extra each month. The headline is the scheduled payment before the extra. The schedule shows the loan ending earlier than 48 months because of that $25.