Loan Calculator
Calculate the monthly payment, total interest and total cost of a fixed-rate loan, with a full yearly or monthly amortization schedule. Handles 0% loans.
Results
Amortization schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | 2,950.73 | 9,932.99 | 197,049.27 |
| 2 | 3,101.70 | 9,782.02 | 193,947.57 |
| 3 | 3,260.38 | 9,623.33 | 190,687.19 |
| 4 | 3,427.19 | 9,456.53 | 187,260.00 |
| 5 | 3,602.53 | 9,281.19 | 183,657.46 |
| 6 | 3,786.85 | 9,096.87 | 179,870.62 |
| 7 | 3,980.59 | 8,903.13 | 175,890.03 |
| 8 | 4,184.24 | 8,699.48 | 171,705.79 |
| 9 | 4,398.32 | 8,485.40 | 167,307.47 |
| 10 | 4,623.34 | 8,260.38 | 162,684.13 |
| 11 | 4,859.88 | 8,023.84 | 157,824.25 |
| 12 | 5,108.52 | 7,775.20 | 152,715.73 |
| 13 | 5,369.88 | 7,513.84 | 147,345.84 |
| 14 | 5,644.62 | 7,239.10 | 141,701.22 |
| 15 | 5,933.41 | 6,950.31 | 135,767.82 |
| 16 | 6,236.97 | 6,646.75 | 129,530.85 |
| 17 | 6,556.07 | 6,327.65 | 122,974.78 |
| 18 | 6,891.49 | 5,992.23 | 116,083.29 |
| 19 | 7,244.07 | 5,639.65 | 108,839.22 |
| 20 | 7,614.69 | 5,269.03 | 101,224.54 |
| 21 | 8,004.27 | 4,879.45 | 93,220.26 |
| 22 | 8,413.78 | 4,469.93 | 84,806.48 |
| 23 | 8,844.25 | 4,039.47 | 75,962.23 |
| 24 | 9,296.74 | 3,586.98 | 66,665.49 |
| 25 | 9,772.38 | 3,111.34 | 56,893.11 |
| 26 | 10,272.35 | 2,611.37 | 46,620.76 |
| 27 | 10,797.90 | 2,085.82 | 35,822.86 |
| 28 | 11,350.34 | 1,533.37 | 24,472.52 |
| 29 | 11,931.05 | 952.67 | 12,541.47 |
| 30 | 12,541.47 | 342.25 | 0.00 |
- Fixed-rate loan with monthly payments: M = P·r / (1 − (1 + r)^−n), r = annual rate ÷ 12. 0% interest gives P ÷ n.
What is Loan Calculator?
Calculates the level monthly payment of a fixed-rate amortizing loan and shows how much of each payment goes to interest and principal over time, as a yearly summary or a month-by-month schedule.
How to use Loan Calculator
- Enter the Loan amount and the Annual interest rate.
- Enter the Loan term and choose whether it is in years or months.
- Read the monthly payment, total interest and total paid, and switch the schedule between yearly and monthly.
Example
200,000 at 5% for 30 years
Monthly payment 1,073.64; total interest 186,511.57; 360 payments
When to use Loan Calculator
Use it for personal loans, student loans and other fixed-rate installment loans with monthly payments. It does not model variable rates, fees, or payment holidays; for a home loan with taxes and insurance use the Mortgage Calculator, and for vehicles with trade-in and sales tax use the Car Loan Calculator.
How Loan Calculator works
The payment uses the standard annuity formula M = P·r / (1 − (1 + r)^−n), where P is the amount, r the annual rate ÷ 12 and n the number of monthly payments. At 0% interest the payment is simply P ÷ n. The schedule computes each month's interest as balance × r; the rest of the payment reduces the balance, and the final payment is adjusted so the balance ends at exactly zero. Values are rounded only for display.
Common Use Cases
- Comparing payments for different terms
- Seeing how much interest a loan really costs
- Checking a lender's quoted monthly payment
- Planning an amortization schedule
FAQs
Why is the interest share so high at the beginning?
Interest is charged on the outstanding balance, which is largest at the start. As the balance falls, more of each payment goes to principal.
Is the rate APR or nominal rate?
Enter the nominal annual rate; it is divided by 12 for monthly compounding. An APR that includes fees will give a slightly different payment than your contract.
Can I use a term in months?
Yes, choose Months in Term in, for example 48 months for a 4-year loan.