Loan calculator with amortization schedule
Enter the loan amount, interest rate and term to see your monthly payment, the total interest you will pay and a month-by-month amortization schedule. Works for car loans, personal loans and mortgages.
How the monthly payment is calculated
Payment = P × i ÷ (1 − (1 + i)−n)
P is the loan amount, i the monthly rate (annual rate ÷ 12) and n the number of months. Each payment first covers the interest on the remaining balance; the rest reduces the principal. That is why early payments are mostly interest.
Fixed payment vs. fixed principal
- Fixed payment (standard amortization): the payment never changes. Most car loans, personal loans and mortgages work this way.
- Fixed principal: you repay the same principal every month plus interest, so payments start higher and decline. Total interest is lower.
Example
A $10,000 loan at 12% for 12 months has a fixed payment of $888.49 and $661.85 of total interest. With fixed principal, the first payment is $933.33, the last $841.67, and total interest is $650.00.
Frequently asked questions
Should I enter the APR or the interest rate?
Enter the nominal annual interest rate. APR may include fees, so using it slightly overstates the payment.
How can I pay less interest?
Choose a shorter term, make extra principal payments, or negotiate a lower rate. Even small extra payments early on reduce total interest.