Loan calculator
Monthly payment, total interest and schedule.
EstimateMonthly payment
Estimate only, not financial advice. Fees, insurance and taxes are not included.
This loan calculator works out the monthly payment, the total interest and a year-by-year repayment schedule for a fixed-rate loan repaid in equal monthly payments. The currency switch only changes the symbol; nothing is converted.
Amortization schedule
How each year's payments split between principal and interest, and what is still owed at the end of each year.
| Year | Principal ($) | Interest ($) | Balance ($) |
|---|---|---|---|
| 1 | 1,730.98 | 645.16 | 8,269.02 |
| 2 | 1,856.11 | 520.03 | 6,412.91 |
| 3 | 1,990.29 | 385.85 | 4,422.62 |
| 4 | 2,134.17 | 241.97 | 2,288.45 |
| 5 | 2,288.45 | 87.70 | 0.00 |
Show every month
| Month | Principal ($) | Interest ($) | Balance ($) |
|---|---|---|---|
| 1 | 139.68 | 58.33 | 9,860.32 |
| 2 | 140.49 | 57.52 | 9,719.83 |
| 3 | 141.31 | 56.70 | 9,578.51 |
| 4 | 142.14 | 55.87 | 9,436.38 |
| 5 | 142.97 | 55.05 | 9,293.41 |
| 6 | 143.80 | 54.21 | 9,149.61 |
| 7 | 144.64 | 53.37 | 9,004.97 |
| 8 | 145.48 | 52.53 | 8,859.49 |
| 9 | 146.33 | 51.68 | 8,713.16 |
| 10 | 147.19 | 50.83 | 8,565.97 |
| 11 | 148.04 | 49.97 | 8,417.93 |
| 12 | 148.91 | 49.10 | 8,269.02 |
| 13 | 149.78 | 48.24 | 8,119.24 |
| 14 | 150.65 | 47.36 | 7,968.59 |
| 15 | 151.53 | 46.48 | 7,817.07 |
| 16 | 152.41 | 45.60 | 7,664.65 |
| 17 | 153.30 | 44.71 | 7,511.35 |
| 18 | 154.20 | 43.82 | 7,357.16 |
| 19 | 155.10 | 42.92 | 7,202.06 |
| 20 | 156.00 | 42.01 | 7,046.06 |
| 21 | 156.91 | 41.10 | 6,889.15 |
| 22 | 157.83 | 40.19 | 6,731.33 |
| 23 | 158.75 | 39.27 | 6,572.58 |
| 24 | 159.67 | 38.34 | 6,412.91 |
| 25 | 160.60 | 37.41 | 6,252.30 |
| 26 | 161.54 | 36.47 | 6,090.76 |
| 27 | 162.48 | 35.53 | 5,928.28 |
| 28 | 163.43 | 34.58 | 5,764.85 |
| 29 | 164.38 | 33.63 | 5,600.47 |
| 30 | 165.34 | 32.67 | 5,435.13 |
| 31 | 166.31 | 31.70 | 5,268.82 |
| 32 | 167.28 | 30.73 | 5,101.54 |
| 33 | 168.25 | 29.76 | 4,933.29 |
| 34 | 169.23 | 28.78 | 4,764.05 |
| 35 | 170.22 | 27.79 | 4,593.83 |
| 36 | 171.21 | 26.80 | 4,422.62 |
| 37 | 172.21 | 25.80 | 4,250.40 |
| 38 | 173.22 | 24.79 | 4,077.19 |
| 39 | 174.23 | 23.78 | 3,902.96 |
| 40 | 175.24 | 22.77 | 3,727.71 |
| 41 | 176.27 | 21.74 | 3,551.45 |
| 42 | 177.30 | 20.72 | 3,374.15 |
| 43 | 178.33 | 19.68 | 3,195.82 |
| 44 | 179.37 | 18.64 | 3,016.45 |
| 45 | 180.42 | 17.60 | 2,836.04 |
| 46 | 181.47 | 16.54 | 2,654.57 |
| 47 | 182.53 | 15.48 | 2,472.04 |
| 48 | 183.59 | 14.42 | 2,288.45 |
| 49 | 184.66 | 13.35 | 2,103.79 |
| 50 | 185.74 | 12.27 | 1,918.05 |
| 51 | 186.82 | 11.19 | 1,731.22 |
| 52 | 187.91 | 10.10 | 1,543.31 |
| 53 | 189.01 | 9.00 | 1,354.30 |
| 54 | 190.11 | 7.90 | 1,164.19 |
| 55 | 191.22 | 6.79 | 972.97 |
| 56 | 192.34 | 5.68 | 780.63 |
| 57 | 193.46 | 4.55 | 587.17 |
| 58 | 194.59 | 3.43 | 392.59 |
| 59 | 195.72 | 2.29 | 196.86 |
| 60 | 196.86 | 1.15 | 0.00 |
How the calculation works
Personal loans, car loans and fixed-rate mortgages are usually repaid in equal monthly payments. Each payment first covers that month's interest, and the rest pays down the balance (the principal). The payment comes from the standard annuity formula:
M = P × r ÷ (1 − (1 + r)−n)
P = amount borrowed, r = annual rate ÷ 100 ÷ 12, n = number of months
At 0%: M = P ÷ n
Total paid = M × n, total interest = M × n − P
The totals use the unrounded payment and are rounded only for display, so they stay consistent. The schedule applies the same rule every month: interest = balance × r, principal = payment − interest. After the last payment the balance is exactly zero.
Example: you borrow $10,000 at 7% a year for 5 years (60 payments). The monthly rate is 7% ÷ 12 = 0.5833%, so the payment is $198.01 a month. In the first month, $58.33 of it is interest and $139.68 repays principal. Over the whole loan you pay $11,880.72, of which $1,880.72 is interest.
Common questions
How is the monthly payment calculated?
The calculator uses the standard formula for a loan with equal monthly payments. The annual rate is divided by 12 to get a monthly rate, and the payment is set so that the balance reaches exactly zero with the last payment. At 0% interest, the payment is simply the amount divided by the number of months.
Why do I pay more interest at the start?
Interest each month is charged on the balance you still owe. Early on the balance is at its highest, so more of each payment goes to interest and less to principal. As the balance falls, the interest part shrinks and more of the same payment reduces the loan. The schedule above shows this year by year.
Is the interest rate the same as the APR?
Not always. This calculator uses the plain annual interest rate. An APR usually also includes certain fees spread over the term, so it is often a little higher than the interest rate. Enter the interest rate from your loan offer. If you only know the APR, treat the result as a rough estimate.
Are fees, insurance or taxes included?
No. The result covers principal and interest only. Arrangement fees, insurance, taxes, account charges and late payment penalties are not included, so your real monthly cost can be higher. Check the official figures from your lender before you sign, because this page gives an estimate for planning, not an offer or financial advice.
What if I pay extra or repay the loan early?
Extra payments reduce the balance, so less interest builds up afterwards and the loan ends sooner or the payment drops, depending on your lender. This calculator assumes you pay exactly the scheduled amount every month. Some loans charge a fee for early repayment, so check your loan agreement or ask your lender first.
Why is my lender's figure slightly different?
Lenders may round the payment to the cent and adjust the final payment, count interest by the day instead of by the month, or add fees to the loan. This calculator keeps the unrounded payment for its totals and rounds only for display, so a difference of a few cents is normal.
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Formula, self-tests and text last reviewed on 25 September 2026.
Results are estimates for planning and comparison. They are not a loan offer or financial advice; your lender's figures are the ones that count.