Loan Calculator 2026
Quickly estimate your monthly loan payment, total interest, total loan cost, payoff time, and potential interest savings from making extra monthly payments.
'/%3E%3Crect x='90' y='95' width='1020' height='440' rx='28' fill='%23ffffff' opacity='.96'/%3E%3Ctext x='600' y='220' text-anchor='middle' font-family='Arial,Helvetica,sans-serif' font-size='58' font-weight='700' fill='%230b2b5c'%3ELoan Calculator 2026%3C/text%3E%3Ctext x='600' y='285' text-anchor='middle' font-family='Arial,Helvetica,sans-serif' font-size='30' fill='%2364778f'%3EMonthly Payment • Interest • Total Cost%3C/text%3E%3Crect x='255' y='350' width='690' height='78' rx='16' fill='%23eaf6ef'/%3E%3Ctext x='600' y='401' text-anchor='middle' font-family='Arial,Helvetica,sans-serif' font-size='34' font-weight='700' fill='%2314733c'%3EEstimate Your Loan Payment%3C/text%3E%3C/svg%3E)
Loan Calculator Inputs
Estimated Loan Results
Loan Amortization Schedule
| Month | Payment | Principal | Interest | Remaining Balance |
|---|
What Is a Loan Calculator?
A loan calculator helps you estimate how much you may pay each month when borrowing money at a particular interest rate and loan term. You can use this free loan payment calculator to estimate monthly payments, total interest, total loan cost, and the effect of making extra payments toward the balance.
This general loan calculator is designed primarily for fixed-rate installment loans. It can be useful for estimating personal loans, some auto loans, and other loans that use a standard amortization schedule.
How This Loan Calculator Works
The calculator uses your loan amount, annual interest rate, and number of monthly payments to estimate a scheduled monthly payment. For a standard amortizing loan, each payment includes both interest and principal.
In this formula, P is the original loan principal, r is the monthly interest rate, and n is the total number of monthly payments. If the interest rate is 0%, the calculator instead divides the loan amount evenly across the selected number of payments.
Loan Payment vs. Total Loan Cost
Your monthly payment tells you how much is scheduled each month, but it does not tell you the complete borrowing cost by itself. A longer loan term can reduce the required monthly payment while increasing the amount of interest paid over the life of the loan.
This calculator therefore shows both the estimated monthly payment and the estimated total interest. Optional upfront fees are also added to the scheduled total cost.
Interest Rate vs. APR
An interest rate is the rate used to calculate interest on the loan balance. APR can incorporate certain fees and costs associated with borrowing, depending on the loan product and applicable disclosure rules.
For this calculator, the percentage you enter is used directly as the annual rate in the payment formula. If you are comparing actual loan offers, review the lender’s disclosures and compare the rate, APR, fees, payment, and total amount paid.
For consumer guidance on comparing loan costs, see the Consumer Financial Protection Bureau’s personal loan resources .
How Extra Loan Payments Can Save Interest
Making an additional payment toward principal can reduce the loan balance sooner. A smaller outstanding balance can result in less interest accruing over time, depending on how your lender applies additional payments.
Enter an amount in the Extra Monthly Payment field to estimate how quickly the balance could be paid off under the calculator’s assumptions.
Loan Term: Shorter vs. Longer Loans
A shorter loan term generally means fewer payments and less time for interest to accumulate, but the scheduled monthly payment can be higher. A longer term generally spreads repayment across more months, which can reduce the scheduled payment while potentially increasing total interest.
What Can You Use This Loan Calculator For?
- Estimating a monthly personal loan payment
- Estimating total interest over a fixed loan term
- Comparing different loan amounts
- Comparing different interest rates
- Comparing shorter and longer repayment terms
- Estimating the impact of additional monthly payments
- Including optional upfront loan fees in total cost
- Viewing the first 12 months of an amortization schedule
Tips for Comparing Loan Offers
When comparing loan offers, do not look only at the monthly payment. Consider the interest rate, APR where applicable, fees, loan term, total interest, and total amount you are expected to repay.
The Consumer Financial Protection Bureau provides consumer resources for understanding personal loans and borrowing costs.
Related Financial Calculators
Frequently Asked Questions
What is a loan calculator?
A loan calculator estimates the monthly payment, interest cost, and total repayment amount for a loan using the amount borrowed, interest rate, and repayment term.
How is a monthly loan payment calculated?
For a standard fixed-rate amortizing loan, the monthly payment is calculated from the principal, monthly interest rate, and total number of monthly payments.
How much interest will I pay on a loan?
It depends on the loan amount, interest rate, repayment term, and payment schedule. This calculator estimates total scheduled interest over the selected term.
Does a longer loan term reduce the monthly payment?
A longer term can reduce the scheduled monthly payment because the balance is spread across more payments. However, it can also result in more total interest over the life of the loan.
Can I make extra payments on a loan?
Some loans allow additional principal payments. Your lender’s agreement determines how extra payments are applied and whether any restrictions or fees apply.
Does an extra payment reduce loan interest?
Additional principal payments can reduce the outstanding balance sooner, which may reduce future interest. The actual savings depend on the loan’s terms and how the lender applies extra payments.
Are upfront fees included in the calculator?
Yes. You can enter optional upfront fees. The calculator adds those fees to the scheduled total loan cost shown in the results.
Can this calculator be used for personal loans?
Yes. It can provide an estimate for many fixed-rate personal loans and other standard amortizing installment loans.
Is the loan calculator exact?
No. It is an estimate. Actual lender calculations can differ because of fees, payment timing, daily interest calculations, compounding methods, rounding, prepayment rules, and other loan-specific terms.
Loan Calculator Disclaimer
DollarSenseUSA’s loan calculator is provided for educational and estimation purposes only. It is not a loan offer, financial product, or guarantee of the terms you may receive from a lender. Always review the lender’s official disclosures, loan agreement, fees, interest rate, APR, payment schedule, and total repayment amount before making a borrowing decision.