Loan Calculator
Monthly payment, total interest, and a full amortization schedule — see what a loan really costs.
Enter a loan amount, interest rate, and term to get the fixed monthly payment, total interest over the life of the loan, the all-in amount you will repay, and the payoff date. The amortization table breaks every payment into principal and interest so you can watch the balance fall — and see how much of the early payments is pure interest.
Add an optional extra monthly payment to see the real power of overpaying: months cut off the term and interest saved, computed by simulating the actual schedule. It works for mortgages, car loans, personal loans, and student debt — any fixed-rate, fixed-payment loan — with your choice of currency symbol.
How to calculate a loan payment
- 1
Enter the loan amount, annual interest rate, and term in years (and months, if any).
- 2
Read the monthly payment, total interest, total paid, and payoff date — updated live.
- 3
Optionally add an extra monthly payment to see months and interest saved, then explore the amortization table.
Why use Nofolo’s loan calculator?
True amortization math
Uses the standard formula M = P·r(1+r)ⁿ ÷ ((1+r)ⁿ − 1) — the same one banks use for fixed-rate loans.
Full payment schedule
Every payment split into principal, interest, and remaining balance — expandable to the entire term.
Extra-payment savings
See exactly how many months and how much interest an extra monthly payment saves.
Payoff date
Know the month and year you become debt-free — with and without overpaying.
Any currency
Display results in $, €, £, ₦, or ₹.
Live and private
Results update as you type; no signup, and your numbers never leave the browser.
Frequently asked questions
How is the monthly payment calculated?
With the standard amortization formula M = P·r(1+r)ⁿ ÷ ((1+r)ⁿ − 1), where P is the amount borrowed, r the monthly rate (annual ÷ 12), and n the number of payments. For example, $200,000 at 6% for 30 years gives $1,199.10 per month. At 0% interest it is simply P ÷ n.
Why is so much of my early payment interest?
Interest each month is charged on the remaining balance, which is largest at the start. As the balance falls, the interest share shrinks and the principal share grows — the amortization table shows this crossover happening.
How much do extra payments actually save?
Often dramatically more than people expect: every extra dollar goes straight to principal, which shrinks all future interest. The calculator simulates the schedule with your extra payment and reports the exact months and interest saved.
Does this work for mortgages and car loans?
Yes — any fixed-rate, fully amortizing loan. It does not model variable rates, interest-only periods, or fees like PMI, insurance, or origination charges, so the true cost of a mortgage can be somewhat higher than the loan math alone.
What is an amortization schedule?
A payment-by-payment table showing how much of each installment pays interest, how much repays principal, and the balance remaining. It is the clearest way to see a loan’s real cost over time.
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