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Loan Calculator

Find your monthly loan payment, the total you'll repay and how much of it is interest. You also get a full amortization schedule and can compare two scenarios, such as a different rate or term, side by side.

FreeNo sign-upInstant resultsUpdated:

Calculator

Loan details
$
%

Nominal annual rate, before compounding.

months

Monthly payments.

Monthly payment

$888.49

Total paid

$10,661.85

Total interest

$661.85

Monthly interest rate
1%
Interest as % of loan amount
6.6%
Amortization schedule
Payment #PaymentInterestPrincipalRemaining balance
1$888.49$100.00$788.49$9,211.51
2$888.49$92.12$796.37$8,415.14
3$888.49$84.15$804.34$7,610.80
4$888.49$76.11$812.38$6,798.42
5$888.49$67.98$820.50$5,977.92
6$888.49$59.78$828.71$5,149.21
7$888.49$51.49$837.00$4,312.21
8$888.49$43.12$845.37$3,466.85
9$888.49$34.67$853.82$2,613.03
10$888.49$26.13$862.36$1,750.67
11$888.49$17.51$870.98$879.69
12$888.49$8.80$879.69$0.00

Keep analyzing

Estimates for information only, based on a fixed monthly payment and a constant interest rate. Origination fees, insurance and other charges are not included. Check the APR on your actual loan disclosure.

How the loan calculator works

  1. Enter the loan amount you want to borrow.
  2. Enter the annual interest rate from your loan offer.
  3. Enter the term in months. The calculator assumes one payment per month.
  4. Turn on Compare with another scenario to see how the payment and interest change with a different rate, amount or term.

The results show your fixed monthly payment, the total paid by the end of the loan and the part of it that is interest. The amortization schedule breaks down every payment into interest, principal and remaining balance.

Loan payment formula

Payment = P × i ÷ (1 − (1 + i)^−n)
i = annual rate ÷ 12 (as a decimal)
n = number of monthly payments
At a 0% rate, the payment is simply P ÷ n.

This is the standard formula for fully amortizing loans such as personal loans, auto loans and fixed-rate mortgages. The payment never changes, but early payments are mostly interest and later ones are almost all principal.

How to read the results

  • Monthly payment: check it against your take-home pay and your other debts before you commit.
  • Total interest: the real cost of borrowing. Two loans with similar payments can cost very different amounts if the terms differ.
  • Longer term: a lower payment, but much more interest overall.
  • Shorter term: a higher payment, but you save on interest.

The interest rate is not the full cost of a loan. Lenders must disclose the APR, which also reflects certain fees. Use it to compare real offers.

Comparing two scenarios

Comparison mode answers practical questions: how much do I save with a rate one point lower? How much more do I pay if I stretch the term from 24 to 36 months? Change one input in scenario B and look at the interest difference row.

$10,000 loan at 12%Monthly paymentTotal interest
12 months$888.49$661.85
24 months$470.73$1,297.63
36 months$332.14$1,957.15
60 months$222.44$3,346.67

Example

You borrow $10,000 at 12% a year for 12 months. The monthly rate is 1%, so the payment is $888.49. You repay $10,661.85 in total, of which $661.85 is interest. In the first payment, $100.00 is interest and $788.49 goes to principal; in the last one, only $8.80 is interest.

  1. Monthly rate: 12% ÷ 12 = 1% = 0.01
  2. Factor: 1 − 1.01^−12 = 0.11255
  3. Payment: 10,000 × 0.01 ÷ 0.11255 = $888.49
  4. Total: $888.49 × 12 = $10,661.85; interest: $661.85

Common mistakes

  • Entering a monthly rate in the annual rate field. If an offer says 1.5% per month, the annual rate is 18%.
  • Looking only at the monthly payment. A low payment on a long term can double the interest you pay.
  • Forgetting origination fees and other charges, which are not in this formula but are part of the real cost.
  • Comparing loans by interest rate instead of APR when fees differ.

Frequently asked questions

How do I calculate a monthly loan payment?

Use payment = amount × i ÷ (1 − (1 + i)^−n), where i is the monthly rate (annual rate ÷ 12) and n is the number of payments. The calculator does it automatically and builds the amortization schedule.

Why do early payments go mostly to interest?

Interest is charged on the remaining balance, which is highest at the start. As the balance falls, the interest portion of each payment shrinks and the principal portion grows.

What happens if I make extra payments?

Extra principal payments lower your balance and therefore future interest. You can approximate the effect by comparing a scenario with a smaller amount or a shorter term. Check whether your loan has a prepayment penalty.

Can I use it for auto loans and mortgages?

Yes, as long as the loan has a fixed payment. Enter the term in months (for example, 60 for a five-year auto loan or 360 for a 30-year mortgage). For an adjustable-rate loan, the result only holds while the rate stays the same.

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