Toolkit ShelfMoney Calculators
Use this loan payment calculator to estimate monthly payments, total interest, and total paid over the life of a loan.
Live calculator
$500.95 required payment plus extra payment.
Estimated over 60 monthly payments.
Compared with paying only $500.95 per month.
The required payment is $500.95. With the extra amount entered, the payoff estimate uses $500.95 per month and finishes in 60 months instead of the scheduled 60 months.
Shows how extra payments affect time and total interest.
| Measure | Estimate |
|---|---|
| Loan amount | $25,000.00 |
| Monthly payment used | $500.95 |
| Payoff time | 60 months |
| Total paid | $30,056.92 |
| Interest saved | $0.00 |
Annual principal, interest, and remaining balance.
| Year | Principal | Interest | Ending balance |
|---|---|---|---|
| Year 1 | $4,281.58 | $1,729.81 | $20,718.42 |
| Year 2 | $4,613.97 | $1,397.42 | $16,104.46 |
| Year 3 | $4,972.16 | $1,039.22 | $11,132.29 |
| Year 4 | $5,358.16 | $653.22 | $5,774.13 |
| Year 5 | $5,774.13 | $237.25 | $0.00 |
Use this as a planning estimate. Taxes, fees, rates, account terms, provider policies, local rules, and timing can change real-world results.
Quick answer
Loan Payment Calculator calculates monthly payment from loan amount, interest rate, loan term, and extra payment. The visible formula is Monthly payment = principal x monthly rate / (1 - (1 + monthly rate)^-months).
Formula
Monthly payment = principal x monthly rate / (1 - (1 + monthly rate)^-months)Extra payments are applied after the required amortized payment to estimate faster payoff and interest savings.
How to use
Example
Calculator use
Before relying on it
Details
The formula estimates a level monthly payment that pays interest and reduces principal over the selected term.
Early payments usually include more interest because the outstanding balance is larger. Later payments shift more toward principal.
Extra monthly principal can reduce total interest and shorten payoff time, but actual lender posting rules may vary.
Source notes
Benchmarks
A manageable monthly payment still needs to fit the rest of the budget.
The amortization table shows how much interest accumulates over the term.
Extra monthly principal can shorten the payoff schedule and reduce interest.
Calculator accuracy
Monthly payment = principal x monthly rate / (1 - (1 + monthly rate)^-months)
Loan amount, Interest rate, Loan term, Extra payment
Money results are planning estimates. Actual taxes, account terms, rates, fees, timing, local rules, and provider policies can change the real-world result.
Method and sources checked on July 13, 2026. The documented method, source timing, validity conditions, and reliance limits were checked on this date.
Toolkit Shelf. Loan Payment Calculator. https://toolkitshelf.com/tools/loan-payment-calculator
FAQ
For an amortized loan, the payment is based on principal, monthly interest rate, and number of monthly payments.
No. This calculator estimates principal and interest only, unless you include fees in the loan amount.
Extra monthly payment is added to the required payment and applied to principal, which can shorten the loan and reduce total interest.
It shows how each year shifts from mostly interest toward more principal, which helps compare term length and extra-payment scenarios.
Lenders can use verified income, credit profile, reserves, fees, escrow rules, insurance, taxes, underwriting guidelines, and product-specific terms.
Stress test rates, payment timing, fees, taxes, insurance, debt payments, and payoff timing before treating a loan or housing estimate as comfortable.
Page feedback
A one-click answer helps prioritize corrections and improvements. No calculator input or result is included.
For a detailed report, do not include passwords, account numbers, or private medical or tax information.