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Calculate monthly payments, total interest, and full cost of any loan.
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $400.76 | $275.76 | $125.00 | $19,724.24 |
| 2 | $400.76 | $277.48 | $123.28 | $19,446.76 |
| 3 | $400.76 | $279.22 | $121.54 | $19,167.54 |
| 4 | $400.76 | $280.96 | $119.80 | $18,886.58 |
| 5 | $400.76 | $282.72 | $118.04 | $18,603.86 |
| 6 | $400.76 | $284.48 | $116.27 | $18,319.38 |
| 7 | $400.76 | $286.26 | $114.50 | $18,033.11 |
| 8 | $400.76 | $288.05 | $112.71 | $17,745.06 |
| 9 | $400.76 | $289.85 | $110.91 | $17,455.21 |
| 10 | $400.76 | $291.66 | $109.10 | $17,163.55 |
| 11 | $400.76 | $293.49 | $107.27 | $16,870.06 |
| 12 | $400.76 | $295.32 | $105.44 | $16,574.74 |
💰 This calculator uses the standard amortization formula (equal monthly payments). Rates shown are estimates — your actual rate depends on your credit, lender, and loan type.
Most installment loans — mortgages, auto loans, personal loans, and student loans — use a formula called amortization. Each month, you pay a fixed amount that covers both the interest accrued and a portion of the principal. Early in the loan, most of your payment goes to interest; by the end, most goes to principal.
The monthly payment formula is:
M = P × [r(1+r)n] / [(1+r)n − 1]
Three variables determine your payment, and understanding them helps you save money:
Here's the key insight most borrowers miss: extending the term makes the loan feel cheaper but costs far more in total. Consider a $20,000 loan at 7.5%:
Going from 3 to 7 years cuts your monthly payment by half — but more than doubles your interest cost. Always look at total interest, not just the monthly number.
Disclaimer: This calculator is for informational and educational purposes only and does not constitute financial, investment, or legal advice. Calculated results are estimates based on the inputs you provide; actual figures may vary. Always consult a qualified professional before making financial decisions.
The Loan Calculator lets you figure out loan calculatorinstantly, without reaching for a spreadsheet or doing the math by hand. Whether you're planning a budget, checking a loan, or working through homework, the tool applies the correct formula behind the scenes and shows the result the moment you enter your numbers.
Unlike a static chart or table, this calculator adapts to your exact inputs. You can adjust any value and see the outcome update in real time, which makes it easy to compare scenarios — for example, "what if the rate were 1% lower?" or "what if I paid an extra $50 a month?"
Common uses: people reach for this tool when they need to find a loan calculator with amortization schedule, personal loan monthly payment, auto loan amortization calculator, or loan payoff by loan type.
Browser-based tools like this one have a few real advantages over installed software or manual methods:
The Loan Calculator is based on the following formula:
M = P × [ r(1 + r)^n ] / [ (1 + r)^n − 1 ]
Variables: M = Fixed monthly payment ($) P = Loan principal ($) r = Monthly interest rate (annual rate ÷ 12, as a decimal) n = Total number of monthly payments
Equal monthly payment (amortization). P = principal, r = monthly rate (annual rate ÷ 12), n = total number of months. M is the fixed monthly payment.
Worked example: Step 1: P = $20,000, annual rate 7% → r = 0.07 / 12 = 0.0058333, n = 5 × 12 = 60 months. Step 2: (1 + r)^n = 1.0058333^60 ≈ 1.4176. Step 3: numerator = 0.0058333 × 1.4176 ≈ 0.0082695; denominator = 1.4176 − 1 = 0.4176. Step 4: M = 20,000 × 0.0082695 / 0.4176 ≈ $396. Result: the fixed monthly payment is about $396 — roughly $23,760 across the 60 payments, of which about $3,760 is interest.
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