🧮
Loan Calculator
Estimate monthly loan payments, total interest, and an amortization summary
Loan Details
$
%
years
Loan Planning Tips
- Make extra principal payments to reduce total interest.
- Compare APRs, fees, and repayment terms before borrowing.
- Keep the monthly payment comfortable inside your budget.
- Shorter terms usually cost less interest but raise payments.
Payment Estimate
Monthly Payment
$500.95
Total Paid
$30,057
Total Interest
$5,057
Interest share of repayment16.8%
Based on 60 monthly payments over 5 years.
Amortization Summary
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $4,282 | $1,730 | $20,718 |
| 2 | $4,614 | $1,397 | $16,104 |
| 3 | $4,972 | $1,039 | $11,132 |
| 4 | $5,358 | $653 | $5,774 |
| 5 | $5,774 | $237 | $0 |
How This Loan Calculator Works
This free loan calculator estimates the fixed monthly payment for an installment loan using the loan amount, annual interest rate, and repayment term you enter.
Formula:
- Monthly payment = P x r / (1 - (1 + r)-n)
- P = loan principal, r = monthly interest rate, n = months
- Total interest = total paid over the term minus principal
The amortization summary groups payments by year so you can see how much goes toward principal, how much goes toward interest, and what balance remains.