How is the monthly loan payment calculated?

The Loan Calculator uses standard amortization: monthly rate = annual rate ÷ 12, then PMT = P × r(1+r)n ÷ ((1+r)n − 1). Extra payments are applied on top each period.

What additional payment frequencies are supported?

Weekly, monthly, quarterly, half-yearly, and yearly. Each amount is converted to an equivalent monthly extra applied alongside your regular payment in the amortization schedule.

What does “add to loan?” mean for extra fees?

When checked, the fee is added to the principal before payments are calculated — as if the fee were financed into the loan. When unchecked, fees are ignored in this calculator (pay them separately outside the schedule).

Balloon vs at-date one-time payment?

Balloon applies the lump sum on the final scheduled payment of the term. At date applies it in the calendar month you choose, which can shorten payoff if paid earlier.

How do I find how long until my loan is paid off?

Use the Loan Payoff Calculator with your remaining balance and monthly payment. For a detailed schedule with extras, see the Amortization Calculator.

Does this match my lender’s statement exactly?

It uses monthly compounding and standard rounding. Banks may use different day-count rules, fees, or payment dates — use results for planning, not legal payoff quotes.

Loan Calculator – shoutingnow.com

Loan Summary

Monthly payment

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Total interest paid

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Number of payments

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Total to be repaid

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Estimated payoff

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Effective annual %

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Amortization schedule

Month	Payment	Principal	Interest	Balance

Note: Interest is compounded monthly. This calculator is for illustrative purposes only and does not constitute financial advice.

How to use this loan calculator

Choose a currency symbol for display (no exchange-rate conversion).
Enter the loan amount, annual interest rate, and term in years and months.
Set the loan start date to estimate your payoff month.
Optional: add additional payments (weekly, monthly, quarterly, half-yearly, or yearly), extra fees, or a one-time payment as a balloon at maturity or on a chosen date.
Click Calculate — monthly payment, totals, effective annual %, and amortization tables update together.

Already know your monthly payment and want to know how long until the loan is gone? Use the Loan Payoff Calculator. For a schedule-focused view with the same extra-payment options, try the Amortization Calculator.

Loan payment formula

Fixed-rate installment loans use standard amortization: each month you pay accrued interest first, then reduce principal. The level monthly payment that retires the balance in n months is:

P = principal, r = monthly rate (annual \div 12), n = number of monthly payments

Worked example

A $100 loan at 12% annual interest for 1 year (12 monthly payments):

Monthly payment ≈ $8.88
Total repaid ≈ $106.62
Total interest ≈ $6.62

Adding a $5 monthly extra payment shortens the term and cuts total interest — the schedule table shows exactly when the balance reaches zero.

Additional payment frequencies

Extra amounts can be entered as weekly, monthly, quarterly, half-yearly, or yearly. The calculator converts each frequency to an equivalent monthly amount applied alongside your regular payment.

Examples and use cases

Real-world use cases

Personal loan comparison: A borrower models $15,000 at 8% for 3 years vs 5 years to see how term length changes total interest paid.
Mortgage extra payments: A homeowner adds $150 monthly to a 30-year loan to preview years saved and interest avoided before committing.
Auto refinance check: Someone compares their current $320 payment on a 6-year note to a refinanced rate and shorter term using the same principal.

For long-term savings growth with compounding, try the Compound Interest Calculator. For simple interest without amortization, use the Simple Interest Calculator.