How to use
Enter the loan amount, the annual interest rate and the term in months, then choose the repayment type. You’ll instantly see the monthly payment, total interest and total amount paid, plus a month-by-month amortization schedule.
The chart (by year, or by month for short loans) shows how much of your payments goes to interest. You can add extra payments — one-time or recurring — right here, and the schedule and interest saved are recalculated. To compare a shorter term with a lower payment, use the extra payment calculator.
Fixed payments vs. equal principal
Fixed payments (amortizing loan) — every payment is the same. Early on most of it goes to interest; towards the end, most goes to principal. Most personal loans, car loans and mortgages work this way.
payment = P × r / (1 − (1 + r)^−n), where P is the loan amount, r is the monthly rate (annual rate / 12 / 100) and n is the number of months.
Equal principal — you repay the same amount of principal every month, and interest is charged on the remaining balance, so each payment is smaller than the last. Payments start higher, but you pay less interest overall.
Example
A $25,000 loan at 7% annual interest for 5 years (60 months), fixed payments: about $495.03 a month and roughly $4,702 in total interest.
FAQ
Why is the last payment slightly different? Payments are rounded to the cent, so the final payment clears whatever balance is left — the same way lenders do it.
Are fees and insurance included? No, the calculation covers principal and interest only. Check your loan’s APR disclosure for the full cost.
Will it match my lender’s numbers? It can match only when the rate, payment schedule, interest calculation and rounding rules are the same. Fees and insurance are not included here; compare the assumptions in your loan agreement.