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Free Loan Calculator

Calculate your monthly payment, total interest, payoff date, and full amortization schedule. Compare scenarios and see bi-weekly savings.

Loan Details
$
%
years
Extra Payments (pay off faster)
$
$
Monthly Payment
$495.03
60 months · Payoff: Apr 2031
Total Paid
$29,702
Total Interest
$4,702
Principal
$25,000
Payoff Date
Apr 2031
Payment Breakdown
Principal Interest
Balance Over Time
Bi-Weekly vs Monthly

Bi-weekly payments (every 2 weeks) equal 26 half-payments per year — that's 13 full monthly payments instead of 12. This extra payment goes straight to principal.

Bi-Weekly Payment
$247.52
Interest Saved
$680
Time Saved
5 months
Total w/ Bi-Weekly
$29,022
Amortization Schedule
YearPrincipalInterestTotal PaidEnd Balance
Compare Loan Terms

See how different terms affect your total cost for the same loan amount and rate.

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Compound InterestSee how your money grows over time

Frequently Asked Questions

How is the monthly payment calculated?
We use the standard PMT formula: M = P × [r(1+r)n] / [(1+r)n - 1], where P is the principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly payments. This is the exact same formula used by every bank and lender.
How do bi-weekly payments save me money?
When you pay half your monthly payment every 2 weeks, you make 26 half-payments per year. That equals 13 full monthly payments instead of 12. The extra payment goes directly to your principal, reducing your loan balance faster. On a $25,000 loan at 7% for 5 years, bi-weekly payments save you about $680 in interest and pay off the loan 5 months early.
Can I make extra payments on my loan?
Most lenders allow extra payments without penalties (check your loan agreement for prepayment penalties). Even small extra payments make a big difference. An extra $100/month on a $25,000 loan at 7% for 5 years saves you about $850 in interest and pays it off 10 months early. Use the "Extra Payments" section above to model your scenario.
What interest rate should I expect?
Personal loans (2026): 6–12% (excellent credit 720+), 12–18% (good credit 680-719), 18–30% (fair credit 580-679).
Auto loans: 4–7% (new car), 5–10% (used car).
Student loans: 5–8% (federal), 4–15% (private).
Rates depend on credit score, income, debt-to-income ratio, and lender.
Should I choose a shorter or longer loan term?
Shorter terms (2-3 years): Higher monthly payments, but much lower total interest. A 3-year $25,000 loan at 7% costs $2,770 in interest total.
Longer terms (5-7 years): Lower monthly payments, but significantly more interest. The same loan at 5 years costs $4,702 in interest — almost 70% more. Use the "Compare Loan Terms" section above to see the exact difference.
What is APR vs interest rate?
The interest rate is the cost of borrowing the principal amount. The APR (Annual Percentage Rate) includes the interest rate PLUS any fees (origination fees, closing costs, broker fees), giving you the true total cost of the loan. APR is always equal to or higher than the interest rate. When comparing lenders, always compare APR, not just the interest rate.

How to Use This Loan Calculator

Our free loan calculator gives you the complete picture before you borrow. Enter your loan amount, interest rate, and term to instantly see your monthly payment, total interest cost, payoff date, and complete amortization schedule.

What Makes This Calculator Different

Understanding Loan Amortization

Every loan payment is split between principal (what you borrowed) and interest (what the bank charges). In the early months, most of your payment goes to interest. As you pay down the principal, more of each payment goes toward your actual loan balance. This is why extra payments early in the loan are so valuable — they cut into principal when interest charges are highest.

Tips to Pay Off Your Loan Faster

  1. Make bi-weekly payments — You'll make the equivalent of one extra monthly payment per year
  2. Round up your payment — If your payment is $487, pay $500. The extra goes to principal
  3. Apply windfalls — Tax refunds, bonuses, and side income can make a huge dent
  4. Refinance when rates drop — Even a 1% rate reduction can save thousands
  5. Avoid extending term when refinancing — Refinance to a shorter term to save the most