Loan Calculator
Estimate a fixed monthly payment from the loan amount, annual interest rate, and term. The schedule shows how each payment is split between principal and interest.
Loan Calculator
Amortization Schedule
| Payment number | Principal | Interest | Remaining balance |
|---|
Guide
Loan payment basics
This calculator estimates a fixed monthly loan payment. It uses the loan amount, annual interest rate, and term to show the monthly payment, total repayment, total interest, and a simple amortization schedule.
Use
How to use the loan calculator
- Enter the loan amount before interest. Do not include taxes, insurance, fees, or extra payments.
- Enter the annual interest rate as a percent. The calculator converts it to a monthly rate.
- Enter the loan term and choose years or months.
- Click Calculate to see the monthly payment and amortization schedule.
- Use Download CSV if you need the schedule in a spreadsheet.
Formula
Loan formulas
For a standard fixed payment loan, the payment depends on the principal, monthly interest rate, and number of monthly payments. If the interest rate is 0%, the calculator simply divides the loan amount by the payment count.
r = annual interest rate / 12 / 100n = loan term in monthspayment = P x r / (1 - (1 + r)^-n)payment = P / ntotal payment = monthly payment x ntotal interest = total payment - PSchedule
How amortization works
Each monthly payment is split into interest and principal. Early payments usually contain more interest because the remaining balance is higher. As the balance falls, more of each payment goes toward principal. The table shows the first 12 payments by default, with an option to show the rest.
0% interest
How 0% interest is handled
A 0% loan does not use the standard interest formula because that formula divides by an interest rate. In that case, the calculator divides the principal evenly across the payment count, and total interest is 0.
Example
Example calculation
Loan amount
$200,000
Annual interest rate
6.5%
Loan term
30 years, or 360 monthly payments
Estimated monthly payment
$1,264.14
Estimated total interest
$255,088.98
This example includes principal and interest only. Real loan offers may include fees, taxes, insurance, prepayment rules, or rate changes that this calculator does not model.
FAQ
Loan calculator FAQ
What does the monthly payment include?
It includes principal and interest only. Taxes, insurance, fees, escrow payments, and optional extra payments are not included.
How is the annual interest rate used?
The calculator treats the rate as an annual percentage and converts it to a monthly rate by dividing by 12 and by 100.
Does 0% interest work?
Yes. For a 0% loan, the calculator divides the loan amount evenly across the payment count and shows total interest as 0.
What is an amortization schedule?
It is a payment-by-payment table. Each row shows how much of the payment goes to principal, how much goes to interest, and how much balance remains.
Why does early repayment go mostly to interest?
Interest is based on the remaining balance. At the start of the loan, the balance is higher, so the interest part of the payment is usually larger.
Can I export the amortization schedule?
Yes. Download CSV exports the generated schedule so you can open it in a spreadsheet.
Is this the same as a lender quote?
No. It is a planning estimate. A lender quote may include fees, taxes, insurance, rate rules, payment dates, and other terms.