How is the monthly loan payment calculated?

It uses the standard amortization formula: M = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments (years × 12). For a 0% loan it's simply the principal divided by the number of months.

What is an amortization schedule?

It's a table showing every payment over the life of the loan. Each row splits the payment into the part that pays down the balance (principal) and the part that pays the lender (interest). Early payments are mostly interest; later ones are mostly principal.

Does this work for mortgages and car loans?

Yes. Any fixed-rate loan with equal monthly payments uses the same math — mortgages, car loans, personal loans, and student loans all work. Just enter the amount, rate, and term.

What's the difference between interest rate and APR?

The interest rate is the cost of borrowing the principal. APR also folds in certain fees, so it's usually a little higher. This calculator uses whatever rate you enter, so for the most accurate total cost, enter the APR if you have it.

Why is so much of my early payment going to interest?

Interest is charged on the remaining balance, which is highest at the start. As the balance shrinks, the interest portion drops and more of each fixed payment goes toward principal. The yearly view makes this shift easy to see.

Is my loan information private?

Completely. The calculator runs entirely in your browser with JavaScript. Your loan amount, rate, and term are never sent to a server, logged, or stored anywhere.

Loan Calculator — Monthly Payment & Amortization Schedule

Loan amount

Interest rate

% / yr

Term

years

Monthly payment

—

Total interest

—

Total repaid

—

Amortization schedule

Enter the loan amount, interest rate, and term to see your monthly payment, the total interest you'll pay, and a year-by-year amortization schedule. It works for car loans, personal loans, student loans, and mortgages. Every figure is calculated in your browser — nothing you type is sent anywhere.

How it works

1
Enter the loan amount Type how much you're borrowing (the principal). You can switch the currency symbol next to it if you like.
2
Add the rate and term Enter the annual interest rate as a percentage (APR) and the loan term in years. Results update as you type — no button needed.
3
Read your payment and schedule Your monthly payment, total interest, and total repaid appear instantly. Scroll the amortization table to see how each payment splits between principal and interest. Toggle between a yearly summary and a month-by-month breakdown.

Your data stays private

All processing happens entirely in your browser. No files, text, or data are ever sent to our servers. You can disconnect from the internet and this tool will still work.

Frequently asked questions

How is the monthly loan payment calculated?: It uses the standard amortization formula: M = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where P is the principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments (years × 12). For a 0% loan it's simply the principal divided by the number of months.
What is an amortization schedule?: It's a table showing every payment over the life of the loan. Each row splits the payment into the part that pays down the balance (principal) and the part that pays the lender (interest). Early payments are mostly interest; later ones are mostly principal.
Does this work for mortgages and car loans?: Yes. Any fixed-rate loan with equal monthly payments uses the same math — mortgages, car loans, personal loans, and student loans all work. Just enter the amount, rate, and term.
What's the difference between interest rate and APR?: The interest rate is the cost of borrowing the principal. APR also folds in certain fees, so it's usually a little higher. This calculator uses whatever rate you enter, so for the most accurate total cost, enter the APR if you have it.
Why is so much of my early payment going to interest?: Interest is charged on the remaining balance, which is highest at the start. As the balance shrinks, the interest portion drops and more of each fixed payment goes toward principal. The yearly view makes this shift easy to see.
Is my loan information private?: Completely. The calculator runs entirely in your browser with JavaScript. Your loan amount, rate, and term are never sent to a server, logged, or stored anywhere.

From the blog

How to Calculate Loan Payments: Amortization, Interest, and Real Examples Understand how monthly payments and amortization work, with worked examples for car loans and mortgages. Read the post →