Loan Payment Calculator

Enter the amount borrowed, annual interest rate, and loan term in months. The calculator returns the scheduled monthly payment, total interest, total amount repaid, and a payment-by-payment amortization schedule. You can also enter an extra monthly principal amount to compare an accelerated payoff with the original schedule.

This calculator is designed for a standard fixed-rate amortizing loan. That structure is common in many personal loans and other installment loans: the scheduled payment stays consistent while the portion going to interest generally falls and the portion going to principal generally rises over time.

The annual rate is divided by 12 to obtain the monthly rate. At a 0% interest rate, the monthly payment is principal divided by the number of payments. The amortization schedule calculates monthly interest from the remaining balance, applies the payment, and tracks the new principal balance.

Money values are rounded to cents during the schedule. The final scheduled payment is adjusted when necessary so ordinary cent rounding does not leave a small residual balance.

Interest rate describes the rate charged on the loan balance. APR, or annual percentage rate, can be broader because it may incorporate certain fees in addition to interest. That distinction matters when you compare real loan offers.

The calculator's rate field is the annual rate used directly in the amortization formula. If a lender provides both an interest rate and APR, make sure you know which number you are modeling rather than assuming they are interchangeable.

An amortization schedule is useful because the same monthly payment does not mean the same principal reduction every month. Early in a typical amortizing loan, a larger share of the payment can go to interest because the outstanding balance is higher. As principal falls, the interest charge generally falls as well, allowing more of the scheduled payment to reduce principal.

The schedule beneath the calculator is separated from the input panel so you can scan the month number, payment, principal, interest, and remaining balance without crowding the primary calculation.

This calculator assumes a fixed annual rate, regular monthly payments, and a fully amortizing loan. It does not model variable rates, deferred interest, interest-only periods, balloon payments, skipped payments, lender-specific day-count conventions, or changing payment dates.

It also does not automatically include origination fees, application fees, credit insurance, taxes, late fees, or prepayment penalties. If you are evaluating a real offer, compare the calculator result with the lender's disclosures and contract.

Taylor borrows $12,000 over 24 months at 0% interest. The scheduled monthly payment is $500, and the total repaid is $12,000. Adding $100 of extra principal each month reduces the modeled payoff period to 20 months.

For a positive fixed interest rate, the payment also covers interest on the outstanding balance. The schedule shows exactly how each payment is split and adjusts the final payment for cent rounding.

The standard amortization formula is a good planning model for a loan with a fixed principal, fixed interest rate, fixed monthly payment schedule, and a defined term. That includes many personal loans and other installment loans.

It is a weaker fit for variable-rate debt, interest-only periods, balloon payments, irregular payment schedules, or loans where fees are added in ways that change the effective borrowing cost. In those cases, use the lender's payment schedule or disclosure as the controlling source.

Two loans can have similar principal, rate, and term but different origination fees or other finance charges. Those costs may not appear in the monthly principal-and-interest formula if they are paid separately rather than financed.

That is why APR can be useful when comparing lender offers, while the note rate remains the input used by the amortization formula. Compare both the monthly obligation and the disclosed borrowing costs before choosing between offers.

For home financing with taxes and insurance, use the Mortgage Calculator. For revolving card debt, use the Credit Card Payoff Calculator.