Loan Calculator
Calculate monthly payments, total interest, and see an amortization schedule.
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $299.71 | $258.04 | $41.67 | $9741.96 |
| 2 | $299.71 | $259.12 | $40.59 | $9482.84 |
| 3 | $299.71 | $260.20 | $39.51 | $9222.64 |
| 4 | $299.71 | $261.28 | $38.43 | $8961.36 |
| 5 | $299.71 | $262.37 | $37.34 | $8698.99 |
| 6 | $299.71 | $263.46 | $36.25 | $8435.53 |
| 7 | $299.71 | $264.56 | $35.15 | $8170.97 |
| 8 | $299.71 | $265.66 | $34.05 | $7905.30 |
| 9 | $299.71 | $266.77 | $32.94 | $7638.53 |
| 10 | $299.71 | $267.88 | $31.83 | $7370.65 |
| 11 | $299.71 | $269.00 | $30.71 | $7101.65 |
| 12 | $299.71 | $270.12 | $29.59 | $6831.54 |
What the Loan Calculator does
This Loan Calculator estimates the fixed monthly payment for a loan based on three inputs: the amount borrowed, the annual interest rate, and the loan term. It also shows the total amount you will repay over the life of the loan, the total interest cost, and the original principal, so you can see at a glance how much borrowing actually costs.
It suits anyone weighing up a personal loan, car finance, a mortgage, or any other instalment loan with a fixed rate. Comparing a few scenarios side by side makes it easy to understand how the rate and term affect both your monthly budget and the total interest you pay.
How to use it
Enter the loan amount, the annual interest rate as a percentage, and the loan term. You can express the term in either years or months using the dropdown, and the calculator converts it internally for you.
The monthly payment and summary figures update immediately. Below them, an amortization schedule lists the first twelve months of payments, breaking each one into the portion that goes toward interest and the portion that reduces your balance, along with the remaining balance after each payment.
How the numbers are calculated
The monthly payment uses the standard amortizing-loan formula, which converts the annual rate into a monthly rate and spreads repayment evenly across every month of the term. If you enter a zero percent rate, the calculator simply divides the principal evenly across the months.
Early in the schedule a larger share of each payment goes to interest, and over time more goes to principal. This is why the interest column shrinks month by month in the table. The results are estimates for a fixed-rate loan and do not include fees, insurance, or taxes that a particular lender may add.