Loan Calculator
NewCalculate monthly loan payments, total interest, and a full amortization schedule for any fixed-rate loan.
Monthly payment
Total interest
Total paid
| # | Payment | Principal | Interest | Balance |
|---|
Uses the standard fixed-rate amortization formula: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1], where P is principal, r is the monthly interest rate, and n is the number of monthly payments. Assumes a fixed rate with no fees, extra payments, or compounding changes — real loan terms from a lender may vary.
Frequently Asked Questions
What formula does this use?
The standard fixed-rate amortization formula: M = P × [r(1+r)ⁿ] ÷ [(1+r)ⁿ − 1], where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly payments. This is the same formula lenders use to calculate a fixed monthly payment for mortgages, auto loans, and personal loans.
What does the amortization schedule show?
A month-by-month breakdown of each payment, split into how much goes to interest versus principal, and the remaining loan balance after that payment. Early payments are interest-heavy and later payments are principal-heavy — that's a natural property of amortization, not a bug: interest is always calculated on the current outstanding balance, which is highest at the start.
Does this account for fees, taxes, insurance, or extra payments?
No — this is a pure principal-and-interest amortization calculator for a fixed-rate loan. It doesn't model escrow, PMI, origination fees, variable rates, or extra/early payments toward principal. Real loan offers from a lender may include these and will differ from this estimate.
What happens if the interest rate is 0%?
The tool falls back to simple division (principal ÷ number of months) when the rate is zero, since the amortization formula has a division-by-zero issue at exactly 0% interest — the result is mathematically the same as a 0% loan should be: equal principal-only payments.
Why does the very last payment in the schedule look slightly different?
The final payment absorbs any tiny rounding difference left over from calculating a level monthly payment across the whole term, so the ending balance lands exactly at $0.00 instead of a few cents off.