Loan Calculator

Calculate the monthly payment and total cost for any loan with our comprehensive loan calculator. Create a full amortization schedule to see how each payment is split between principal and interest. Use the extra payments feature to find out how much you can save on interest and shorten your loan term. Explore more financial tools on CalculatorBolt.

Loan Details

Total amount borrowed
Annual percentage rate
Duration of the loan
Optional additional payment
Lump sum at end

Preset Scenarios

Bi-weekly Payment Mode

Export

How to Use This Calculator

Enter the total loan amount, the annual interest rate (APR), and the loan term in years. Select whether it's a standard amortized loan or an interest-only loan. For amortized loans, you can also add an optional extra monthly payment to see its impact.

Inputs Explained

  • Loan Amount: The total amount of money you are borrowing.
  • Interest Rate (APR): The annual cost of the loan, including interest and fees, expressed as a percentage.
  • Loan Term: The length of time you have to repay the loan.
  • Loan Type: 'Amortized' means you pay both principal and interest each month. 'Interest-Only' means you only pay the interest, and the principal balance remains the same.

Example

For a $25,000 loan at a 6.5% APR over 5 years:

  • Monthly Payment: $489.15
  • Total Interest Paid: $4,349.02
  • Total Amount Paid: $29,349.02

Tips for Saving on Your Loan

  • Make Extra Payments: Even a small extra payment each month can significantly reduce the total interest you pay and shorten the life of your loan.
  • Shop for Lower Rates: A small difference in the interest rate can save you thousands of dollars over the life of the loan.
  • Choose a Shorter Term: Your monthly payment will be higher, but you will pay less interest overall.
  • Understand APR vs. Interest Rate: The APR provides a more complete picture of the loan's cost than the simple interest rate.

FAQs

With an amortized loan, each payment reduces your principal balance. With an interest-only loan, your payments only cover the interest charges, and the principal balance stays the same until the end of the term.

Extra payments are applied directly to the loan principal, which reduces the remaining balance faster. This means you pay less interest over time and can pay off the loan earlier.

It's a table detailing each periodic payment on a loan, showing how much of each payment goes toward interest and how much reduces the principal balance.

No. All calculations are performed in your browser. You can use the Share Link or Export features to save your results.

Disclaimer

This calculator provides an estimate based on the data you enter. It is not a loan offer or a guarantee of credit. Interest rates, terms, and fees are determined by lenders and can vary based on your creditworthiness and other factors. Consult with a qualified financial advisor before making any financial decisions.

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Author: CalculatorBolt Editorial Team
Reviewed by: Financial Advisor
Published: • Updated: