Loan Calculator
Monthly payment and total interest for a loan, with an amortization schedule.
Amortization (first 12 months)
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Frequently asked questions
How is a monthly loan payment calculated?
It uses the standard amortization formula, which combines the loan amount, the monthly interest rate and the number of payments to produce a fixed monthly payment.
What is an amortization schedule?
It is a table showing each payment split into interest and principal, with the remaining balance falling to zero by the end of the term.
Why is most early interest so high?
Early payments apply mostly to interest because the balance is large, and as the balance shrinks more of each payment goes toward principal.
How does the interest rate affect my payment?
A higher annual rate raises both the monthly payment and the total interest paid, while a lower rate reduces both over the life of the loan.
What is total interest on a loan?
It is the sum of all interest paid over the term, equal to the total of your payments minus the original amount borrowed.
Does a longer term lower my payment?
Yes, a longer term spreads the balance over more payments so each one is smaller, but you usually pay more total interest.
Is my loan information kept private?
Yes. The calculation runs entirely in your browser and none of the figures you enter are uploaded or saved.
Is this a loan offer?
No. This is a general estimate for planning only and is not a loan offer or financial advice.