Loan calculator
Enter the loan amount, the interest rate and the term to see your monthly payment, how much you pay in interest over the life of the loan, and how the debt is paid down.
- Monthly payment
- –
- Total interest
- –
- Total paid
- –
Principal and interest paid per year
- Principal
- Interest
Amortization schedule
| Year | Payment | Principal | Interest | Remaining debt |
|---|
Show every month
| Month | Payment | Principal | Interest | Remaining debt |
|---|
How the monthly payment is calculated
The calculator assumes an annuity loan: you pay the same amount every month for the whole term. Early on, most of each payment is interest. As the debt shrinks, less goes to interest and more goes to paying down the loan.
The monthly payment is P × r / (1 − (1 + r)^−n), where P is the loan amount, r is the yearly interest rate divided by 12, and n is the number of monthly payments.
Fees, variable rates and tax deductions are not included, so treat the result as an estimate and compare it with the offer from your lender.
Frequently asked questions
What is an amortization schedule?
An amortization schedule (or repayment plan) is a table that breaks every payment into interest and principal, and shows how much of the loan is left after each payment.
How can I pay less interest?
A lower rate, a shorter term or a larger down payment all reduce total interest. Try changing the term: a shorter loan has a higher monthly payment but usually a much lower total cost.
What is the difference between the rate and APR?
The interest rate is the price of borrowing the money. The APR also includes fees and costs, so it is higher and better for comparing loans.
Put it in a budget
Annual Budget Plan keeps every bill on a 12-month plan and works out your transfers automatically. Free.