Loan Calculator
Work out the monthly payment, total interest and yearly amortization schedule for a fixed-rate loan, mortgage or car loan.
Enter the loan amount, rate and term to see your monthly payment.
Estimates only — your lender's figures may differ slightly because of fees and rounding. Calculated in your browser; nothing is sent to a server.
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How to use this tool
- 1Enter the amount you want to borrow.
- 2Enter the yearly interest rate (APR or nominal rate) from your lender.
- 3Enter the term in years or months.
- 4Read your monthly payment and total interest, and open the yearly schedule for details.
Features
- Monthly payment for any fixed-rate loan, mortgage or car loan.
- Total interest and total amount paid over the loan.
- Year-by-year amortization: principal, interest and remaining balance.
- Handles 0% loans and terms from 1 month to 50 years.
Privacy
Your numbers stay in your browser. Nothing is sent to a server.
Frequently asked questions
How is the monthly payment calculated?
With the standard amortization formula: payment = P × r ÷ (1 − (1 + r)^−n), where P is the amount, r the monthly rate (yearly rate ÷ 12) and n the number of months.
Why do I pay so much interest at the start?
Interest is charged on the remaining balance, which is highest at the beginning. As the balance falls, more of each payment goes to principal — the schedule shows this.
Does it include fees, taxes or insurance?
No. It covers principal and interest only. Mortgage payments often also include property tax and insurance.
How much do extra payments save?
Every extra payment reduces the balance that interest is charged on. Try a shorter term to see the effect of paying more each month.
Guides
- New Year Savings Goal: How Much to Save Each Month
Turn a New Year savings resolution into a monthly number. The formula, worked examples with interest, and a free compound interest calculator.