Calculate monthly payments, total interest and full amortization schedule
| Year | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| Enter loan details to see schedule | ||||
Use this free loan calculator to find your monthly payment, total interest and total repayment amount for any fixed-rate loan. It is useful for car loans, personal loans, student loans and other installment loans. Change the loan amount, interest rate or term to compare options before you borrow.
The yearly amortization schedule shows how your balance goes down each year, so you can see exactly where your money goes.
For a fixed-rate loan with equal monthly payments, the formula is:
Example: a $10,000 loan at 6.5% for 5 years has a monthly payment of about $195.66. You repay about $11,740 in total, which means about $1,740 is interest.
Your lender spreads the loan amount over the total number of months and charges interest on the remaining balance each month. The calculator uses the standard amortization formula shown above, so each payment is the same fixed amount for the whole term.
An amortization schedule shows how every payment is split between principal and interest. In the early years most of your payment goes to interest. Over time, more of it goes to principal and your balance falls faster.
Yes. It works for any fixed-rate loan that is repaid in equal monthly payments, including car loans, personal loans, student loans and home loans. Just enter the loan amount, interest rate and term.
A shorter term means higher monthly payments but less total interest. A longer term lowers the monthly payment but increases the total interest you pay. For a $10,000 loan at 6.5%, a 3-year term costs about $1,034 in interest, while a 5-year term costs about $1,740.
Choose a shorter term, make a larger down payment or borrow less, and compare offers from several lenders. Paying extra toward principal when your lender allows it can also reduce the interest you owe.
The interest rate is the cost of borrowing the money. APR also includes certain fees, so it is usually a little higher. This calculator uses the interest rate you enter, so fees are not included in the result.
Disclaimer: Results are estimates for educational purposes only and are not financial advice. Your lender's actual payment may differ because of fees or other loan terms.