401 Loan Calculator
401 loan calculator works out Payment and Total interest from Loan amount, Annual interest rate and Loan term. The default figures on this page give payment of 391.32; change any entry and the result, the working and the sources update together.
Your figures
Updates as you typeHow this is worked out
3 steps
- Rate per period = 6.5% / 12 = 0.541667%
- Payment = P i / (1 - (1+i)^-n) = 391.32
- Over 60 payments the total paid is 23479.43, of which 3479.43 is interest.
Amortisation scheduletable
| period | payment | interest | principal | balance |
|---|---|---|---|---|
| 1 | 391.32 | 108.33 | 282.99 | 19,717.01 |
| 2 | 391.32 | 106.8 | 284.52 | 19,432.49 |
| 3 | 391.32 | 105.26 | 286.06 | 19,146.43 |
| 4 | 391.32 | 103.71 | 287.61 | 18,858.82 |
| 5 | 391.32 | 102.15 | 289.17 | 18,569.65 |
| 6 | 391.32 | 100.59 | 290.73 | 18,278.92 |
| 7 | 391.32 | 99.01 | 292.31 | 17,986.61 |
| 8 | 391.32 | 97.43 | 293.89 | 17,692.72 |
| 9 | 391.32 | 95.84 | 295.48 | 17,397.24 |
| 10 | 391.32 | 94.24 | 297.08 | 17,100.16 |
| 11 | 391.32 | 92.63 | 298.69 | 16,801.47 |
| 12 | 391.32 | 91.01 | 300.31 | 16,501.16 |
| 13 | 391.32 | 89.38 | 301.94 | 16,199.22 |
| 14 | 391.32 | 87.75 | 303.57 | 15,895.65 |
| 15 | 391.32 | 86.1 | 305.22 | 15,590.43 |
| 16 | 391.32 | 84.45 | 306.87 | 15,283.56 |
| 17 | 391.32 | 82.79 | 308.53 | 14,975.03 |
| 18 | 391.32 | 81.11 | 310.21 | 14,664.82 |
| 19 | 391.32 | 79.43 | 311.89 | 14,352.93 |
| 20 | 391.32 | 77.75 | 313.57 | 14,039.36 |
| 21 | 391.32 | 76.05 | 315.27 | 13,724.09 |
| 22 | 391.32 | 74.34 | 316.98 | 13,407.11 |
| 23 | 391.32 | 72.62 | 318.7 | 13,088.41 |
| 24 | 391.32 | 70.9 | 320.42 | 12,767.99 |
| 25 | 391.32 | 69.16 | 322.16 | 12,445.83 |
| 26 | 391.32 | 67.41 | 323.91 | 12,121.92 |
| 27 | 391.32 | 65.66 | 325.66 | 11,796.26 |
| 28 | 391.32 | 63.9 | 327.42 | 11,468.84 |
| 29 | 391.32 | 62.12 | 329.2 | 11,139.64 |
| 30 | 391.32 | 60.34 | 330.98 | 10,808.66 |
| 31 | 391.32 | 58.55 | 332.77 | 10,475.89 |
| 32 | 391.32 | 56.74 | 334.58 | 10,141.31 |
| 33 | 391.32 | 54.93 | 336.39 | 9,804.92 |
| 34 | 391.32 | 53.11 | 338.21 | 9,466.71 |
| 35 | 391.32 | 51.28 | 340.04 | 9,126.67 |
| 36 | 391.32 | 49.44 | 341.88 | 8,784.79 |
| 37 | 391.32 | 47.58 | 343.74 | 8,441.05 |
| 38 | 391.32 | 45.72 | 345.6 | 8,095.45 |
| 39 | 391.32 | 43.85 | 347.47 | 7,747.98 |
| 40 | 391.32 | 41.97 | 349.35 | 7,398.63 |
| 41 | 391.32 | 40.08 | 351.24 | 7,047.39 |
| 42 | 391.32 | 38.17 | 353.15 | 6,694.24 |
| 43 | 391.32 | 36.26 | 355.06 | 6,339.18 |
| 44 | 391.32 | 34.34 | 356.98 | 5,982.2 |
| 45 | 391.32 | 32.4 | 358.92 | 5,623.28 |
| 46 | 391.32 | 30.46 | 360.86 | 5,262.42 |
| 47 | 391.32 | 28.5 | 362.82 | 4,899.6 |
| 48 | 391.32 | 26.54 | 364.78 | 4,534.82 |
| 49 | 391.32 | 24.56 | 366.76 | 4,168.06 |
| 50 | 391.32 | 22.58 | 368.74 | 3,799.32 |
| 51 | 391.32 | 20.58 | 370.74 | 3,428.58 |
| 52 | 391.32 | 18.57 | 372.75 | 3,055.83 |
| 53 | 391.32 | 16.55 | 374.77 | 2,681.06 |
| 54 | 391.32 | 14.52 | 376.8 | 2,304.26 |
| 55 | 391.32 | 12.48 | 378.84 | 1,925.42 |
| 56 | 391.32 | 10.43 | 380.89 | 1,544.53 |
| 57 | 391.32 | 8.37 | 382.95 | 1,161.58 |
| 58 | 391.32 | 6.29 | 385.03 | 776.55 |
| 59 | 391.32 | 4.21 | 387.11 | 389.44 |
| 60 | 391.55 | 2.11 | 389.44 | 0 |
Yearly summarytable
| year | interest | principal | endingBalance |
|---|---|---|---|
| 1 | 1,197 | 3,498.84 | 16,501.16 |
| 2 | 962.67 | 3,733.17 | 12,767.99 |
| 3 | 712.64 | 3,983.2 | 8,784.79 |
| 4 | 445.87 | 4,249.97 | 4,534.82 |
| 5 | 161.25 | 4,534.82 | 0 |
Its 11 worked examples are re-run on every release, last on 15 September 2026. What changed
Sources and references
5 sources
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What the 401 loan calculator calculates
Computes the level payment, total interest and full amortisation schedule for an instalment loan, and solves the same annuity equation backwards for the rate, the term or the amount that can be borrowed. Handles extra principal, balloon structures and fees withheld at closing.
How to use this 401 loan calculator
Enter Loan amount, Annual interest rate, Loan term and Term - additional months. Payment updates as you type. Change one figure at a time to see what drives the result.
How the result is worked out
Open “How this is worked out” beside the result for the step-by-step calculation behind Payment, Total interest and Total of payments.
The method follows Standard annuity-immediate payment formula, PMT = P i / (1 - (1+i)^-n), 12 CFR Part 1026 (Regulation Z), Appendix J - Annual Percentage Rate Computations, Consumer Financial Protection Bureau, "What is a balloon payment? When is one allowed?", 13 CFR 120.212 - What limits are there on the maturities of 7(a) loans? and 26 U.S.C. 72(p)(2)(B) - repayment period for a loan from a qualified employer plan.
What you can compare
Change one input at a time to see how it affects Payment, Total interest and Total of payments. The inputs you can vary are Loan amount, Annual interest rate, Loan term, Term - additional months, Payment frequency and Extra payment each period.
Results are general information, not financial, tax, legal, medical or engineering advice. Check any decision that matters with a qualified professional.
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Frequently asked questions
Is a 401k loan a good idea?
Computes the level payment, total interest and full amortisation schedule for an instalment loan, and solves the same annuity equation backwards for the rate, the term or the amount that can be borrowed. On the figures this page opens with — loan amount 25,000, annual interest rate 6.5% and loan term 5 years — the payment is 391.32. Put your own figures in their place and the working updates beside the result.
What information do I need for the 401 loan calculator?
You need Loan amount, Annual interest rate, Loan term, Term - additional months, Payment frequency and Extra payment each period. The page opens with default figures that give payment of 391.32, so you can see the scale before entering your own.
What does this 401 loan calculator show?
It shows Payment, Total interest, Total of payments, Number of payments, Payoff time, Rate per period, Interest per unit borrowed and Interest saved by extra payments, with the working and any warnings for your entries.
Can I check how the 401 loan calculator result was calculated?
Yes. The “How this is worked out” section shows the calculation steps, and the sources section identifies the references used for the method.