Banking
Loan payment calculator
Before you sign for a loan, it helps to know what it will really cost each month and over its life. Enter the loan amount, an interest rate, and the term to see an estimated payment, the total interest, and a month-by-month schedule. If your loan has a balloon (for example, a 10-year term on a 20-year amortization), you can see what would still be owed at the end.
Type the rate your lender quoted. If you do not have one yet, type a rate only as your own example. This page does not fill a rate in for you.
Enter the loan amount, the rate your lender quoted, and the term. The payment, interest, and schedule show up here. This page does not supply a rate.
- Estimated monthly payment
- Total interest
- Total paid
- Balloon
Show the math
Estimate only. Actual payments depend on your lender's terms, fees, rate type (fixed or variable), and payment dates.
Reviewed October 1, 2026 by Brandon Chiesa, a Central Virginia business banker with 15+ years of experience.
Schedule
| # | Month | Beginning balance | Payment | Interest | Principal | Ending balance |
|---|
What to do with your results
- Can your cash flow comfortably cover this payment each month?
- If there is a balloon, how will you pay it or refinance it when it comes due?
How to use
- Enter the loan amount, the interest rate your lender gave you (or an example rate), and the term in months or years.
- If the loan has a balloon, enter the longer amortization period.
- Review the payment, total interest, and schedule. Print or download it to compare offers side by side.
Worksheets to use with this
Loan package checklist (PDF, XLSX)
The documents lenders commonly ask for, organized by loan type, so you can gather them before you apply.
Sources and uses worksheet (XLSX)
Line up every project cost against every source of money, so you know if there is a gap.
Related tools
Estimates for education only. Not an offer of credit or a promise of approval. Actual terms depend on the lender and credit approval. Not affiliated with any employer. Read the full disclaimer.