When this tool helps
- Compare a quoted payment with the underlying loan terms
- Estimate total interest before applying for a loan
- Inspect how the remaining balance changes each month
MONEY
Loan Calculator
Calculate monthly repayments and a complete amortization schedule.
Runs locallyNothing is uploaded
PRACTICAL GUIDE
How to use Loan
Last reviewed
Estimate the monthly payment, total interest and full amortization schedule for a fixed-rate loan. The result separates principal from interest so the long-term cost is visible rather than reduced to one monthly number.
How to use it
- Enter the amount borrowed
- Enter the annual interest rate and term in years
- Review the monthly payment and principal-versus-interest split
- Inspect the amortization rows and compare the estimate with lender documents
Five-year fixed-rate loan
- Input
- 20,000 principal, 6% annual interest and a 5-year term
- Result
- About 386.66 per month and about 3,199.36 total interest
The estimate assumes 60 equal monthly payments and no fees, insurance, taxes or rate changes.
Formula: monthly payment = principal x monthly rate x (1 + monthly rate)^payments / ((1 + monthly rate)^payments - 1)
Limits and assumptions
- The calculation assumes a fixed rate and equal monthly payments
- Fees, insurance, taxes, penalties and lender-specific rounding are excluded
- This estimate is not a credit offer or financial advice
Frequently asked questions
Is the interest rate the same as APR?
Not necessarily. APR can include certain fees, while this calculator uses only the annual interest rate you enter.
Why does early repayment contain more interest?
Interest is calculated from the outstanding balance, which is largest near the beginning of an amortized loan.
Are my loan values sent anywhere?
No. The amount, rate, term and schedule are calculated locally in your browser.