Loan Schedule Calculator
Generate a complete loan amortization schedule with monthly breakdown, total interest cost, and extra payment scenarios in seconds.
Also covers: amortization schedule calculator with extra monthly payment · personal loan payoff table · simple interest loan schedule
Formula & How It Works
PMT = P × r ÷ (1 − (1 + r)^−n)
- P is the amount borrowed, r is the rate per period (APR ÷ payments per year), and n is the total number of payments (years × payments per year).
- The same formula covers monthly, quarterly, and semiannual schedules — only r and n change, which is why one payoff table serves every fixed-instalment loan.
- Total interest is the payment multiplied by the number of payments, minus the amount borrowed.
Step-by-Step Example
$25,000 borrowed over 5 years at 7.5% APR, billed monthly.
- 1.Loan amount (P)
- $25,000
- 2.Rate per period (r)
- 7.5% ÷ 12 = 0.00625
- 3.Number of payments (n)
- 5 × 12 = 60
- 4.Payment
- P × r ÷ (1 − (1 + r)^−n)
$500.95 a month. Total of payments is $30,057, so $5,057 of the cost is interest.
Frequently asked questions
What is the difference between a loan term and loan amortization?
The term is how long you have to repay — a 5-year term means 60 monthly payments. Amortization is how each of those payments splits between interest and principal across the term. Two loans can share a term and still amortize very differently if their rates differ, which is why the payoff table shows the split month by month.
How do extra payments reduce the total interest paid?
Interest is charged on the outstanding balance, so paying principal down early removes every later interest charge on that amount. The payoff date arrives sooner and total interest falls. This page shows the scheduled amortization; to see the effect of paying more, shorten the term or raise the payment frequency so the schedule clears sooner.
Can this calculator be used for both personal and auto loans?
Yes. It works for any fixed-rate, fixed-term installment loan — personal loans, auto loans, student loans, or a simple interest loan schedule — because it only needs the amount, the rate, and the term. Payment frequency can be switched to monthly, quarterly, or semiannual if your lender bills that way.
About the Loan Schedule Calculator
Generate a complete loan amortization schedule with monthly breakdown, total interest cost, and extra payment scenarios in seconds.
It runs entirely in your browser — nothing you type is sent to a server — and the result updates as you edit the inputs. Estimates are for educational and informational purposes only; see ourdisclaimer.
Common searches
- personal loan
- installment
- borrow
- EDL
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