Free loan calculator
Enter the amount, interest rate and term to see your payment, the total interest you will pay and the day the loan is paid off. Add an extra payment to see how much interest and time it saves.
Free, no sign-up. Everything is worked out in your browser: nothing you type is sent or stored.
How the loan payment is worked out
A loan is repaid with equal payments. Each payment first covers the interest that has built up since the last one, and the rest reduces the balance (the principal). Because the balance shrinks, more of every payment goes to principal over time.
The payment comes from the standard formula payment = amount × i ÷ (1 − (1 + i)−n), where i is the interest rate for one payment period and n is the number of payments. This calculator rounds to the cent at every payment, as a lender does, and adjusts the final payment so the balance ends at exactly zero.
Payment frequency and compounding
Paying more often lowers the interest slightly, because the balance falls sooner. Accelerated bi-weekly or weekly payments are the monthly payment divided by two or four, paid 26 or 52 times a year. That works out to one extra monthly payment a year, so the loan is repaid sooner.
Most loans compound interest monthly. Canadian fixed-rate mortgages compound semi-annually, which gives a slightly lower effective rate than monthly compounding at the same quoted rate. Pick the option your lender uses; if you are not sure, leave it on monthly.
Frequently asked questions
How much interest will I pay over the life of the loan?
It is shown as Total interest. It is the sum of the interest part of every payment. A longer term or a higher rate raises it; extra payments lower it.
What is an amortization schedule?
It is a table of every payment showing how much goes to interest, how much goes to principal and what balance is left. Open the full payment schedule above, or download it as a CSV file for a spreadsheet.
Can I use it for a car loan, a student loan or a line of credit?
Yes, for any loan with a fixed rate and equal payments. For a line of credit or a variable rate, treat the result as an estimate, because the rate can change.
Read the guides
Track the real numbers
The loan and mortgage tracker in Budget Dashboard goes further: it matches your real bank payments to the loan, shows what you have actually paid, projects the payoff date and exports a report. It is free and your data stays in your browser.
Open the free Budget Dashboard
More free calculators
- Mortgage calculator – Mortgage payment with Canadian or US compounding, accelerated payments, insurance and total housing cost.
- Debt payoff calculator – Compare the debt avalanche and the debt snowball and see your debt-free date and interest saved.
- Budget calculator – Income, expenses and what is left, checked against the 50/30/20 rule. Weekly to yearly amounts.
These calculators give estimates for planning and learning. They are not financial, tax or legal advice, and real lenders, banks and tax rules can differ. Check the numbers with your lender or a qualified professional before you decide.
Published by Budget Dashboard. Questions or corrections? Contact us.