Loan payment calculator — monthly payment & total interest
Enter the amount, rate and term of any fixed-rate loan — mortgage, car or personal — and see the monthly payment, the total interest over the life of the loan, and the payoff date. Runs entirely in your browser.
Pay it off sooner — extra payments
ProAdd an amount on top of each payment and see the interest saved, the months cut, and the full month-by-month schedule — exportable as CSV.
Free vs Pro on this tool
The free tier is genuinely useful, forever. Toolizto Pro — $9.99/month or $79.99/year (save 33%) — unlocks every Pro feature in every Toolizto tool and removes ads everywhere.
Free
- Monthly payment, total interest and total cost
- Payoff date for any amount, rate and term
- Works for mortgages, car loans and personal loans
Pro
$9.99/mo · $79.99/yr- Full month-by-month amortization schedule
- Extra-payment scenario: interest saved and months cut
- CSV export of the schedule
- No ads
Reading the numbers before you sign
The monthly payment is what fits (or doesn't fit) in a budget, but total interest is what the loan actually costs. Stretching a car loan from 48 to 72 months lowers the payment while quietly raising the total cost — the calculator makes that trade-off visible before a lender does. Comparing two offers takes seconds: change the rate or the term and watch both numbers move.
Rates quoted by lenders are annual (APR for the headline rate); interest accrues monthly at one-twelfth of it. A difference that looks small — 6.5% against 7% — is about $30,000 of interest on a typical 30-year mortgage, which is why shopping the rate matters more than shopping the payment.
Frequently asked questions
- How is the monthly loan payment calculated?
- It uses the standard amortization formula: payment = P × r ÷ (1 − (1 + r)^−n), where P is the amount borrowed, r the monthly interest rate (annual rate ÷ 12) and n the number of monthly payments. A $250,000 loan at 6.5% over 30 years works out to about $1,580 per month. For a 0% loan the payment is simply the amount divided by the number of months.
- What is an amortization schedule?
- A month-by-month table splitting each payment into interest and principal, with the balance still owed after it. Early payments are mostly interest; the split flips as the balance falls. The schedule shows exactly where the tipping point is for your loan, and every 12th row marks a year end.
- How much do extra payments actually save?
- Any amount paid on top of the required payment goes straight to principal, so all future interest is charged on a smaller balance. On a 30-year $250,000 loan at 6.5%, an extra $100 a month saves roughly $56,000 in interest and pays the loan off about 4 years early. The extra-payment scenario computes the exact figures for your numbers.
- Does this work for mortgages, car loans and personal loans?
- Yes. The math is identical for any fixed-rate, fixed-term loan — enter the amount, the annual rate and the term. It does not model variable rates, interest-only periods or fees, so treat results as estimates and confirm exact terms with your lender.
- Is my financial data uploaded anywhere?
- No. Every calculation runs in your browser. Loan amounts and rates never leave your device, nothing is stored, and there is no sign-up.
- What does Toolizto Pro add to the loan calculator?
- The free tier computes the monthly payment, total interest, total cost and payoff date without limits. Pro ($9.99/month or $79.99/year, covering every Toolizto tool) adds the full amortization schedule, the extra-payment savings scenario, CSV export, and removes ads.