Free loan calculator
This free loan calculator needs no account and no email address, and it works out the payment, interest and schedule for any fixed-rate loan right away.
Amortization schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $2,380.59 | $762.33 | $5,619.41 |
| 2 | $2,656.05 | $486.87 | $2,963.36 |
| 3 | $2,963.36 | $179.52 | $0.00 |
Free, and private by design
Everything runs in your browser. We do not ask for your name, email or phone, and the numbers you enter are never sent to a server. You can bookmark or share a result with a link and come back to it later.
What you can calculate
Any fixed-rate loan with equal monthly payments: personal loans, car loans, home improvement loans or a loan from a family member. Add an extra monthly payment to see how much sooner you would finish, and open the schedule to see the interest and principal in every payment.
$8,000 at 11% by loan length
Borrowing $8,000 at 11% over 3 years costs $261.91 a month and $1,429 in interest, $9,429 in total. Shorter terms raise the payment but cut the interest, and longer terms do the reverse. The table shows the trade-off across common terms.
| Term | Monthly payment | Total interest | Total paid |
|---|---|---|---|
| 12-month | $707.05 | $485 | $8,485 |
| 2-year | $372.86 | $949 | $8,949 |
| 3-year | $261.91 | $1,429 | $9,429 |
| 4-year | $206.76 | $1,925 | $9,925 |
| 5-year | $173.94 | $2,436 | $10,436 |
| 7-year | $136.98 | $3,506 | $11,506 |
| 10-year | $110.20 | $5,224 | $13,224 |
How your rate changes the cost
Personal loan rates vary widely with credit score, from the mid single digits for strong borrowers to 30% or more for weak credit. On $8,000 over 3 years, moving from 11% to 14% adds $414 in interest.
| APR | Monthly payment | Total interest |
|---|---|---|
| 8% | $250.69 | $1,025 |
| 9.5% | $256.26 | $1,226 |
| 11% | $261.91 | $1,429 |
| 12.5% | $267.63 | $1,635 |
| 14% | $273.42 | $1,843 |
How much can you borrow for a given payment?
Working backwards at 11% over 3 years, here is the loan size each monthly payment supports.
| Monthly payment | Loan amount |
|---|---|
| $200/month | $6,109 |
| $300/month | $9,163 |
| $400/month | $12,218 |
| $500/month | $15,272 |
When is half of a $8,000 loan repaid?
With a $261.91 payment, the balance falls below half ($4,000) after 20 payments, about 1.7 years into a 3 years loan. Because interest is highest at the start, the second half of the loan is paid down much faster than the first.
| After | Balance left | Paid so far |
|---|---|---|
| 1 year | $5,619 | $3,143 |
| 2 years | $2,963 | $6,286 |
Frequently asked questions
Is there a catch with a free loan calculator?
Not here. There is no sign-up and no lead form. The calculator runs entirely on your device.
Can I use it for any type of loan?
Yes, for any fixed-rate loan repaid in equal monthly payments.
How is a loan payment calculated?
The payment is principal × r ÷ (1 − (1 + r)^−n), where r is the monthly rate (APR ÷ 12) and n is the number of months. Each payment covers that month’s interest first, and the rest reduces the balance.
What is the difference between interest rate and APR?
The interest rate is the cost of borrowing the money. APR also includes certain fees, so it is the better number for comparing offers. This calculator treats the rate you enter as the rate that accrues on the balance.
Related calculators
Estimates from standard loan formulas, not a loan offer or financial advice. Example rates are assumptions: use your own quote.