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Loan Calculator

Calculate monthly loan payments, total interest, and repayment schedule with extra payments and balloon payment support.

Loan Amount ($)

Annual Interest Rate (%)

Years

Months

Loan Start Date

Extra Payments

Recurring Extra Payment ($)

Frequency

One-time Extra Payment ($)

Apply One-time at Month #

Balloon Payment

End-of-term Balloon Payment ($)

A large lump-sum payment due at the end of the loan term

Monthly Payment

$536.82

Total Interest

$93,255.78

Total Paid

$193,255.78

Effective Annual Rate

5.12%

compounded monthly

Formula

\text{PMT} = P \times \frac{r(1+r)^t}{(1+r)^t - 1}

Where $P$ = principal, $r$ = monthly rate, $t$ = total months

Amortization Schedule

#	Date	Payment	Principal	Interest	Extra	Balance
1	Jul 2026	$536.82	$120.15	$416.67	—	$99,879.85
2	Aug 2026	$536.82	$120.66	$416.17	—	$99,759.19
3	Sep 2026	$536.82	$121.16	$415.66	—	$99,638.03
4	Oct 2026	$536.82	$121.66	$415.16	—	$99,516.37
5	Nov 2026	$536.82	$122.17	$414.65	—	$99,394.20
6	Dec 2026	$536.82	$122.68	$414.14	—	$99,271.52
7	Jan 2027	$536.82	$123.19	$413.63	—	$99,148.33
8	Feb 2027	$536.82	$123.70	$413.12	—	$99,024.62
9	Mar 2027	$536.82	$124.22	$412.60	—	$98,900.41
10	Apr 2027	$536.82	$124.74	$412.09	—	$98,775.67
11	May 2027	$536.82	$125.26	$411.57	—	$98,650.41
12	Jun 2027	$536.82	$125.78	$411.04	—	$98,524.63

Loan Summary

Loan Amount: $100,000.00

Total Interest: $93,255.78

Total Paid: $193,255.78

Payoff Time: 360 months (30y 0m)

How to Use

1
Enter the loan amount, interest rate, and loan term
2
Optionally add recurring extra payments (monthly, quarterly, half-yearly, or yearly)
3
Optionally add a one-time extra payment at a specific month
4
Set a balloon payment if your loan has one
5
View monthly payment, total interest, amortization schedule, and effective annual rate

Examples

Good Examples

Standard loan calculation

$100,000 loan at 5% for 30 years = $536.82/month

Short-term loan

$20,000 loan at 6% for 5 years = $386.66/month

Extra payments save interest

$100,000 at 5% for 30 years + $100/month extra saves ~$34,000 in interest

Bad Examples

Confusing APR and interest rate

APR includes fees, interest rate does not

Ignoring origination fees

Not including fees in total cost comparison

Forgetting about prepayment penalties

Extra payments may incur penalties on some loans

Common Mistakes

Confusing APR and interest rate - APR includes fees, interest rate does not
Ignoring fees - origination fees and closing costs add to total cost
Not comparing different loan terms - shorter terms save more on interest
Forgetting about prepayment penalties
Not accounting for balloon payments in total cost calculations
Assuming extra payments reduce monthly obligation - they shorten the term instead

Frequently Asked Questions

Fixed or variable interest rate?

This calculator works with fixed interest rates. For variable rates, use the average expected rate over the loan term.

Can I repay early?

Yes, most loans allow early repayment. Check with your lender about any prepayment penalties.

What is a balloon payment?

A balloon payment is a large lump-sum payment made at the end of a loan term. It is commonly used in car finance to reduce monthly repayments. You pay smaller monthly amounts during the term, then a final large payment at the end.

How does the effective annual rate differ from the stated rate?

The effective annual rate (EAR) accounts for compounding within the year. For a 12% stated rate compounded monthly, the EAR is approximately 12.68%, because each month's interest earns interest in subsequent months.

How is the monthly payment calculated?

The monthly payment uses the formula: $\text{PMT} = P \times \frac{r(1+r)^t}{(1+r)^t - 1}$ , where $P$ is the loan amount, $r$ is the monthly interest rate, and $t$ is the number of months.