Calculators
Loan Calculator: Monthly Payment and Amortization Schedule
Enter a loan amount, interest rate and term to see your monthly payment, the total interest and a full repayment schedule by year and month. Works for car loans, personal loans and more. Estimates only.
- Monthly payment
- $400.76
- Total interest
- $4,045.54
- Total paid
- $24,045.54
Principal 83%Interest 17%
Repayment schedule
YearPrincipalInterestBalance
1$3,425.26$1,383.85$16,574.74
2$3,691.17$1,117.93$12,883.56
3$3,977.73$831.38$8,905.84
4$4,286.53$522.58$4,619.31
5$4,619.31$189.80$0.00
Estimates only, not financial advice. Your lender's figures may differ because of fees, rounding and how they charge interest. Your numbers stay on your device.
How to use the Loan Calculator
- Enter the amount you want to borrow.
- Enter the yearly interest rate and the loan term in years or months.
- Read the monthly payment and total interest, and open any year to see each month.
Frequently asked questions
- How is a monthly loan payment calculated?
- With the standard amortization formula: payment = P × r ÷ (1 − (1 + r)^−n), where P is the amount borrowed, r is the monthly interest rate (the yearly rate ÷ 12) and n is the number of months.
- What is an amortization schedule?
- A table of every payment showing how much goes to interest and how much pays down the loan. Early payments are mostly interest; later ones are mostly principal.
- Does a longer term cost more?
- Usually yes. A longer term lowers the monthly payment but you pay interest for longer, so the total interest is higher.
- Are these figures exact?
- They're estimates only, not financial advice. Lenders may add fees, round payments differently or charge interest daily, so check the figures in your loan offer.
- Is my information stored?
- No. Everything is calculated on your device and nothing you enter leaves it.
Related tools
- Mortgage CalculatorEstimate your monthly mortgage payment from the home price, down payment, interest rate and loan term, with optional property tax, home insurance, HOA fees and PMI. See the total interest and a full amortization schedule. Estimates only.
- EMI CalculatorWork out your loan EMI in rupees: enter the loan amount, interest rate and tenure in years or months to see the monthly EMI, total interest payable and a year-by-year repayment schedule. Estimates only.
- Compound Interest CalculatorSee how savings grow with compound interest: enter a starting amount, interest rate, how often it compounds, the number of years and an optional monthly deposit to get the final balance and a year-by-year table. Estimates only.