Loan Calculator
Calculate monthly payments for personal, auto, and student loans. View your full amortization schedule and see how extra payments save interest. Free, instant results.
Optional: Pay more each month to save on interest and pay off faster
Cumulative Principal vs Interest Over Time
Monthly Amortization Schedule
| Month | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $239 | $83 | $9,761 |
| 2 | $241 | $81 | $9,519 |
| 3 | $243 | $79 | $9,276 |
| 4 | $245 | $77 | $9,031 |
| 5 | $247 | $75 | $8,783 |
| 6 | $249 | $73 | $8,534 |
| 7 | $252 | $71 | $8,282 |
| 8 | $254 | $69 | $8,029 |
| 9 | $256 | $67 | $7,773 |
| 10 | $258 | $65 | $7,515 |
| 11 | $260 | $63 | $7,255 |
| 12 | $262 | $60 | $6,993 |
Showing first 12 of 36 months
How Loan Amortization Works
Amortization means paying off your loan through fixed monthly payments over time. Each payment covers both interest (cost of borrowing) and principal (reducing the balance you owe). In the early months, most of your payment goes to interest. Over time, more goes toward principal.
The formula used is M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments.
Month 1
Up to 80–90% of each payment goes to interest on high-rate loans.
Midpoint
Interest and principal portions approach 50/50.
Final months
Most of each payment goes to principal. Balance drops fast.
Personal Loan Comparison
Monthly payments and total cost for a $10,000 personal loan at different interest rates and terms.
| Rate | 36-mo/mo | 36-mo total | 60-mo/mo | 60-mo total |
|---|---|---|---|---|
| 5% | $300 | $10,786 | $189 | $189 |
| 7.5% | $311 | $11,205 | $200 | $200 |
| 10% | $323 | $11,616 | $212 | $212 |
| 15% | $347 | $12,482 | $238 | $238 |
Principal + interest only. Excludes origination fees and other charges.
Loan Type Tips
Personal Loans
Best for debt consolidation, home improvements, or unexpected expenses. Unsecured, so rates depend heavily on credit score. Borrow only what you need — rates can be high for fair credit.
Auto Loans
Secured by the vehicle, so rates are lower than personal loans. Pre-approval from a credit union often beats dealer financing. Avoid 72+ month terms — you risk being underwater (owing more than the car is worth).
Student Loans
Federal loans offer income-driven repayment and forgiveness options. Private loans have variable rates and fewer protections. Max out federal aid first before considering private loans.