Loan Calculator

Enter the loan amount, interest rate, and term to see your monthly payment, total interest, and a full amortization schedule. Supports equal monthly payment and equal principal repayment methods.

Loan amount

Annual interest rate (%)

Term

Repayment method

Currency

Monthly payment (first)—

Monthly payment (last)—

Total payment—

Total interest—

Number of payments—

Principal vs interest split

Principal 50% Interest 50%

Amortization schedule

Features

Monthly payment calculation

Total interest and total cost

Equal monthly payment (annuity)

Equal principal repayment

Full amortization schedule

Interactive payment chart

How to Use

1. Enter the loan amount, annual interest rate, and loan term (years or months).

2. Choose the repayment method: equal monthly payment (annuity) or equal principal.

3. The summary updates live on the right.

4. Click 'Show schedule' to see every instalment's principal, interest, and remaining balance.

About this tool

The same loan can cost very different amounts depending on the rate, the term and how it is repaid. This calculator shows the monthly payment, the total paid and the total interest for a loan amount, annual interest rate and term in years or months. It supports the two common repayment methods: equal monthly payments (an annuity, used by most mortgages and car loans), where the instalment stays the same and early payments are mostly interest; and equal principal repayment, where you repay the same principal each month so instalments start higher and fall over time, reducing total interest. The amortisation schedule lists every payment's split between principal and interest and the remaining balance.

Frequently Asked Questions

How is the monthly payment calculated?

For equal monthly payments the formula is M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the loan amount, r the monthly rate (annual rate ÷ 12) and n the number of months. For equal principal, each month repays P ÷ n plus interest on the remaining balance.

Which repayment method is cheaper?

Equal principal repayment costs less interest overall because the balance falls faster, but the first payments are higher. Equal monthly payments are easier to budget. Compare the "Total interest" figures for your own numbers.

Why is so much of each early payment interest?

Interest is charged on the remaining balance, which is largest at the start. As the balance shrinks, the interest portion falls and more of each payment goes to principal, as the schedule shows.

Does the result include fees, insurance or taxes?

No. It covers principal and interest only. Mortgages often add property tax, insurance, arrangement fees or private mortgage insurance, so the real monthly cost can be higher.

How much does paying extra each month save?

Extra payments reduce the principal, so all later interest is calculated on a smaller balance. To estimate the effect, shorten the term until the payment matches what you plan to pay and compare the total interest.