PureTools
Loan Calculator
Calculate monthly payments, total interest and a full amortization schedule for fixed personal, auto, student or business loans. For home price, down payment, taxes, insurance, PMI and HOA, use the dedicated Mortgage Calculator.
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How to use the Loan Calculator
- Enter the loan amount, the total amount you are borrowing, not including any down payment.
- Enter the annual interest rate from your loan agreement. Use the rate, not the APR, for precise payment calculation.
- Set the loan term using the quick-pick buttons (5, 10, 15, 20, 25 or 30 years) or type any value directly. Decimal values are supported, 3.5 means 3 years and 6 months.
- Optionally enter a start date to calculate the exact month your loan will be paid off.
- Optionally enter an extra monthly payment. The calculator instantly shows how much interest you save and how many months earlier the loan ends.
- Click ▼ Amortization schedule to view the full month-by-month breakdown, use Download CSV for raw compatibility, or Download Excel for a formatted workbook.
Understanding your loan results
The monthly payment is the fixed amount due each month for the life of the loan. It covers that month's interest charge first, then reduces the principal balance with the remainder. In the early months of a long loan, most of the payment is interest, this is shown visually in the breakdown bar.
The total interest figure reveals the true cost of borrowing. On a $25,000 auto loan at 9.5% for 5 years, the interest cost can change meaningfully when you compare shorter terms, lower rates or extra payments. Knowing this figure helps you make informed decisions before accepting a personal, auto, student or business loan offer.
The amortization schedule is a row-by-row ledger of every payment. It is the same table your lender uses internally and is useful for tax purposes, refinancing decisions, or simply understanding where your money goes each month.
Loan Calculator vs Mortgage Calculator
Use this Loan Calculator for fixed installment loans where the main inputs are amount borrowed, interest rate, term and optional extra payment. Use the Debt Payoff Calculator when you already have multiple balances and need to compare snowball versus avalanche payoff order. Use the Mortgage Calculator when the decision starts with a home price and down payment, or when property tax, homeowners insurance, PMI and HOA dues affect the monthly budget. Separating those workflows keeps each tool focused and avoids mixing generic loan math with homeownership costs.
Why extra payments matter
Because loan interest is calculated on the remaining balance, any extra principal you pay today eliminates interest on that amount for every remaining month of the loan. The savings compound over time: a $75 extra payment on a $25,000 personal loan does not just reduce principal by $75. It also removes the future interest that would have accrued on that amount until the loan was paid off.
Frequently asked questions
How is my monthly loan payment calculated?
Your monthly payment is calculated using the standard amortization formula: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1], where P is the loan principal, r is the monthly interest rate (annual rate divided by 12), and n is the total number of monthly payments. This formula ensures each payment covers the month's interest first, with the remainder reducing the principal balance. Early payments are mostly interest; later payments are mostly principal.
What is an amortization schedule?
An amortization schedule is a complete table showing every payment over the life of a loan. For each month it shows the payment amount, how much goes to principal, how much goes to interest, and the remaining balance. It is useful because it reveals exactly how much of each payment reduces your debt versus paying the lender's cost of credit. You can download the full schedule as a CSV file directly from this tool.
How much can I save by making extra monthly payments?
Extra payments reduce your outstanding principal faster, which lowers the interest charged in every future month. Even a small extra payment has a compounding effect: on a $25,000 personal loan at 9.5% for 5 years, paying an extra $75 per month can shorten the payoff timeline and reduce total interest. Enter any extra payment amount in the calculator to see your personalised savings instantly.
What types of loans does this calculator work for?
The calculator works for fixed-rate installment loans with monthly payments: personal loans, auto loans, student loans, equipment loans and simple business loans. It does not model variable-rate loans, interest-only periods, balloon payments, credit cards or irregular payment schedules. For home loans with property tax, homeowners insurance, PMI, HOA dues or down payment planning, use the dedicated Mortgage Calculator instead.
What is the difference between interest rate and APR?
The interest rate is the percentage the lender charges on the principal balance each year, and is the figure used in this calculator. The APR (Annual Percentage Rate) includes the interest rate plus additional fees such as origination fees and closing costs, expressed as a yearly rate. APR is always equal to or higher than the interest rate. For calculating the precise monthly payment and amortization schedule, use the interest rate as stated in your loan agreement.
When should I use the Mortgage Calculator instead?
Use the Mortgage Calculator when the loan is tied to a home purchase or refinance and the real monthly budget includes more than principal and interest. Mortgage decisions often depend on home price, down payment, loan-to-value, property tax, homeowners insurance, PMI and HOA dues. This Loan Calculator intentionally stays focused on generic fixed installment loans so the inputs remain simple and the results do not mix separate financial workflows.
Is my loan data stored or sent anywhere?
No. All calculations run entirely in your browser using JavaScript. Your loan amount, rate, term and any other figures you enter are never transmitted to any server or third party. PureTools has no backend and no database. Google Analytics measures page visits only; it does not receive loan form values. The numbers exist only in your browser's memory for the duration of the session and are discarded when you close the tab. Your data is never used to train AI models or improve machine learning systems.
Can I download the amortization schedule?
Yes. Click Download CSV to save a raw spreadsheet-compatible file, or use Download Excel for a formatted workbook with separate Summary, Inputs and Schedule sheets. Each schedule row represents one monthly payment with columns for month number, date, total payment, principal, interest and remaining balance. If you entered an extra monthly payment, the downloaded file reflects the shortened timeline with extra payments applied.
What happens if the interest rate is 0%?
A 0% interest rate is valid and handled correctly. In this case every payment goes entirely to principal: the monthly payment equals the loan amount divided by the number of payments. Some promotional auto loans or buy-now-pay-later schemes offer 0% financing, and the calculator works accurately for these scenarios. Simply enter 0 in the interest rate field.
How accurate are the results?
Results are calculated to the nearest cent using standard fixed-rate amortization mathematics. Each month's interest is computed on the exact remaining balance with consistent rounding to avoid accumulation errors. The final payment may differ by a few cents from the regular payment, which is normal and matches the behaviour of actual loan servicers. The calculator has been verified against multiple independent references across a range of loan amounts, rates and terms.