Loan payment calculator
Works for any fixed-rate loan: amount, rate, length. You get the payment each month, and how much sooner it ends if you pay a little extra.
Full payment schedule
Each row adds up twelve months of the loan. Interest is highest in year one and lowest in the last year.
That is because interest is charged on the balance you still owe.
Adding $50 a month ends Sarah’s $12,000 loan 8 months early. It is paid off in 40 months, and she saves $549 in interest.
Enter an extra monthly amount in the calculator to see your own payoff date. Then call, and we compare it with your cards.
Compare two loans
A lower monthly payment is not cheaper when the term is longer.
Sarah borrows $12,000 over four years at 11.9%. She pays $3,140 in interest.
The same amount over five years at 15.99% costs $5,505 in interest. That payment is lower, but it costs Sarah more in total.
Look at total interest, not just the monthly payment. Fees add to the cost too, so count them in, as the CFPB on loan fees explains.
Call, and the specialist lines up both loans next to your cards for free.
How this loan payment calculator figures it
The payment is amount × r ÷ (1 − (1 + r)^−months), with r the yearly rate divided by 12. The extra payment line counts the balance down month by month with the bigger payment until it reaches zero. The default rate is 11.9%, the Federal Reserve bank average for a 24-month personal loan. It comes from the Fed’s G.19 release covering August 2026.
The loan payment calculator shows how a longer term lowers your payment but raises your total interest. $12,000 at 11.9% for four years is $315 a month and $3,140 in interest.
The first thing to do is call a specialist. They go through your loan amount, rate and years with you for free, and you can run the same numbers in the calculator.
Worked examples
- $12,000 at 11.9% for 4 years is $315 a month and $3,140 interest. Add $50 a month and it is paid off in 40 months with $2,591 interest, saving $549.
- $20,000 at 9.49% for 5 years is $420 a month and $5,196 interest. Add $100 a month and it is paid off in 47 months with $3,940 interest, saving $1,256.
- $6,000 at 21.99% for 3 years is $229 a month and $2,248 interest. Add $25 a month and it is paid off in 32 months with $1,933 interest, saving $316.
About this calculator
What is the monthly payment on $12,000 at 11.9% for four years?
It is $315 a month. Enter your own numbers in the calculator to see your payment.
What happens if I pay $50 more each month?
On $12,000 at 11.9% for four years, the loan ends 8 months early. You also pay less interest.
Is the lower monthly payment the cheaper loan?
Not when the term is longer. $12,000 over four years at 11.9% costs $3,140 in interest. Over five years at 15.99%, it costs $5,505.
Where does the 11.9% starting rate come from?
It is the average bank rate for a 24-month personal loan in August 2026. It comes from the Federal Reserve G.19 report.
Lower your total loan cost today
You now have your payment and total interest from the calculator. On $12,000, five years at 15.99% costs $5,505 in interest instead of $3,140. Call now and a specialist goes through your loan and cards for free, 24/7, and starts on one lower payment today.