Loan Calculator
Calculate the monthly payment, total interest and full amortization schedule for any fixed-rate loan.
How this calculator works
- Enter the loan amount, annual interest rate and loan term in years.
- The calculator computes the fixed monthly payment using the standard amortization formula.
- It totals interest paid over the full term and shows a balance-decline chart.
- Expand the amortization table to see every payment's principal/interest split.
This calculator uses standard loan amortization math (the same formula behind auto loans, personal loans and mortgages) to compute your fixed monthly payment, total interest over the life of the loan, and a month-by-month schedule showing how much of each payment goes to principal vs. interest.
Example
A $20,000 loan at 7% APR over 5 years has a monthly payment of about $396, with total payments around $23,780 — roughly $3,780 in total interest.
Limitations
This assumes a fixed interest rate and equal monthly payments with no fees, extra payments or rate changes. Real loans may include origination fees, variable rates, or prepayment penalties not modeled here.
Frequently asked questions
How is a loan payment calculated?
We use the standard amortization formula: payment = P × r ÷ (1 − (1 + r)^-n), where P is the loan amount, r is the monthly interest rate, and n is the number of monthly payments.
What's an amortization schedule?
It's a table showing each payment over the loan's life, split between interest (based on the remaining balance) and principal (which reduces the balance).
Does extra principal payment change the schedule?
This calculator shows the standard fixed-payment schedule. For payoff-acceleration comparisons with extra payments, see the Debt Payoff Calculator.
Can I use this for a mortgage?
Yes — the same amortization math applies to mortgages, auto loans and personal loans; just enter the loan amount, rate and term.