Calculate your monthly loan payments and see how extra payments can save you thousands.
Select your currency and enter in your loan amount
%
Enter in your interest rate and select if it is yearly or monthly
Enter in your loan duration and select if it is years or months
Enter in your extra monthly payment amount
Month #
Enter in when you started the extra monthly payments
Your Results
Your Estimated Monthly Payment without Extra Payment: 0
Your Extra Monthly Payment: 0
Your Estimated Total Saved with Extra Payments: 0
With Extra Monthly Payments
Estimated Total Interest Paid: 0
Estimated Total Amount Paid: 0
Without Extra Monthly Payments
Estimated Total Interest Paid: 0
Estimated Total Amount Paid: 0
How Loan Payments Are Calculated
Loan payments are based on your loan amount, interest rate, and repayment term.
Making extra payments reduces your principal faster, saving you interest and shortening the life of your loan.
How to Use This Loan Payments Calculator
Enter your loan amount, interest rate, and loan term to calculate your estimated monthly payment.
You can also change the extra monthly payment amount and starting month to see how it reduces the total interest and shortens the repayment period.
What Is Loan Amortization?
Loan amortization is the process of paying off a loan through regular payments over time.
Each payment consists of an interest amount and a principal amount.
Early payments typically include more interest, while later payments reduce more principal.
Why Extra Payments Save Money
Making extra payments reduces the loan principal faster.
This lowers the amount of interest calculated each month, which can save you a significant amount of money and help you pay off the loan sooner.
Is this calculator accurate?
This calculator provides estimates based on standard amortization formulas.
Always consult a qualified professional for personalized advice.