Free tool

Loan payment calculator

Updated November 6, 2026. Runs entirely in your browser; nothing you type is sent anywhere.

Enter a principal, annual interest rate, term in years, and an optional extra monthly payment. You'll see an estimated monthly payment from the standard amortization formula, total paid, total interest, and—if you add an extra—a rough months-saved / interest-saved sketch. Simple arithmetic only—not financial advice and not a lender quote.

How to use the number

• Treat the rate and term as planning assumptions. Real loans add fees, insurance, taxes, or odd due-date rules.
• If the payment is the hard part, free cash by renegotiating bills or unlocking pay—then re-run the math.
• Compare a few rates and terms rather than trusting one rosy scenario.
• When the hard part is the phone call—a bill, a landlord, a raise, or an offer—use a script, not improvisation under stress.

What to say when cash or pay is the bottleneck

Knowing the payment sketch is step one. Saying the next line on a bill, rent, raise, or offer call is where people freeze. The Bills Kit ($19) gives word-for-word lines for bill and landlord moments plus Call Mode. If pay is the lever that funds the payment, see the Offer Kit ($29). One-time purchase, 14-day refund on both.

Get the Bills Kit, $19 → Get the Offer Kit, $29 →

How is the monthly payment calculated?

The standard amortization sketch is M = P × r(1+r)^n / ((1+r)^n − 1), where P is principal, r is the monthly rate (annual % ÷ 12 ÷ 100), and n is the number of months (years × 12). If the rate is zero, M is simply P ÷ n.

Is this a loan offer or financial advice?

No. It is simple arithmetic on the numbers you type, plus a sample sentence you can adapt. It is not a quote, pre-approval, credit decision, tax advice, or a substitute for advice from a qualified professional or your lender.

What does the optional extra payment do?

The extra amount is treated as an additional payment toward principal each month after the regular payment. The sketch re-runs the balance month by month to estimate months saved and interest saved versus paying only the regular amount. Real lenders may apply extras differently (fees, due dates, biweekly schedules).

Guidance only, not legal, financial, or tax advice. The calculator does simple arithmetic on the numbers you enter.