1. Enter principal
Use the amount actually financed, after any down payment but including financed fees when appropriate.
Loans
Loan payment and amortization calculator
Estimate a fixed monthly payment and see how much of the total repayment is interest. The calculation uses only the values you enter.
Monthly payment
$1,933.28
Total repayment
$115,996.81
Total interest
$15,996.81
Principal share of repayment86%
PrincipalInterest
Payment schedule
A breakdown of each payment into principal, interest and extra repayment.
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $1,933.28 | $1,433.28 | $500.00 | $98,566.72 |
| 2 | $1,933.28 | $1,440.45 | $492.83 | $97,126.27 |
| 3 | $1,933.28 | $1,447.65 | $485.63 | $95,678.62 |
| 4 | $1,933.28 | $1,454.89 | $478.39 | $94,223.74 |
| 5 | $1,933.28 | $1,462.16 | $471.12 | $92,761.58 |
| 6 | $1,933.28 | $1,469.47 | $463.81 | $91,292.10 |
| 7 | $1,933.28 | $1,476.82 | $456.46 | $89,815.28 |
| 8 | $1,933.28 | $1,484.20 | $449.08 | $88,331.08 |
| 9 | $1,933.28 | $1,491.62 | $441.66 | $86,839.46 |
| 10 | $1,933.28 | $1,499.08 | $434.20 | $85,340.37 |
| 11 | $1,933.28 | $1,506.58 | $426.70 | $83,833.79 |
| 12 | $1,933.28 | $1,514.11 | $419.17 | $82,319.68 |
The first 12 months are shown initially.
Fees, insurance, taxes, rounding rules and lender-specific charges are not included.
Calculation method
How the monthly payment is calculated
The calculator uses the standard annuity formula. Each payment first covers accrued monthly interest, while the remaining amount reduces the outstanding principal.
Detailed guide
Loan payment, total interest and amortization
This loan calculator estimates a fixed amortized payment or a declining-payment schedule from the principal, annual interest rate and term. Every payment is separated into interest and principal.
The complete amortization table can be reviewed online or downloaded as CSV. Use the separate early-repayment calculator to model extra payments.
Calculate a loan payment
2. Enter APR and term
Use the contractual annual rate and the full repayment term.
3. Review amortization
Compare the payment, total interest and how the balance falls each month.
Fixed-payment loan formula
Payment = P × r(1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)
P is principal, r is the monthly rate and n is the number of payments. A zero-interest loan divides principal evenly.
In a declining-payment schedule, principal is divided equally while interest is charged on the remaining balance, so payments decrease over time.
Loan payment example
A $100,000 loan at 6% for five years has 60 monthly payments. The schedule shows the same fixed payment each month, with interest falling and principal repayment rising over time.
What the estimate includes
Principal and interest
The schedule includes only the financed balance and interest rate entered. Fees paid outside the loan are not part of the result.
Payment type
Fixed payments are common for U.S. installment loans. Declining payments are included for markets where equal-principal schedules are offered.
Rounding
Lenders may round daily interest, payment dates or the final payment differently, so a statement can vary slightly from this model.
Decision guide
Evaluate a loan beyond the monthly payment
Google leaders pair the payment with total interest, an amortization schedule, extra-payment scenarios, and guidance on using the result. The interest rate alone does not describe the full cost if fees, insurance, or financed add-ons are part of the agreement.
Payment and total cost answer different questions
The scheduled payment measures monthly cash-flow pressure. Total interest measures the price of borrowing over the term. Extending the term can make the payment look easier while increasing interest substantially, so compare both figures and the payoff date at the same time.
Reconcile every input with the offer
Use the amount actually financed, the exact number of payments, and a rate stated on the same basis as the calculator. Add origination fees, mandatory insurance, and other charges separately when they are not included in principal. A variable-rate loan needs more than one rate scenario.
Read the amortization schedule
Each payment is divided between interest and principal. Early in a typical level-payment schedule, principal may decline slowly. The balance by period helps you estimate the effect of an extra payment, a refinance, or selling the financed asset before the loan ends.
Leave room in the budget
A lender’s approval threshold is not a personal affordability test. Compare the payment with income after essential expenses and keep a reserve for interruptions. Small differences can also arise because lenders calculate interest by date and round individual payments.
Before comparing offers
- Hold amount and term constant.
- Include mandatory fees and insurance.
- Review total interest and payoff date.
- Keep a payment reserve.
How to compare scenarios
Save a baseline, then change only one input at a time: amount, rate, term, or recurring payment. Record the supporting outputs as well as the headline result—contributions, interest, total cost, remaining balance, or target date. This isolates the assumption that actually changes the decision instead of hiding it inside several simultaneous edits.
Do not tune every assumption until the calculator produces a preferred answer. Start with a cautious case, follow with a central case, and treat the favorable case as an upside scenario. A calculator result is not a lender quote, market forecast, or tax determination; actual dates, rounding, fees, contract rules, and required payments must be checked in primary documents.
Keep enough precision in the inputs and round only the output used for a decision. If the estimate supports a transaction, loan, tax calculation, or long-term plan, repeat it with figures from the contract or official statement. Any difference helps identify the assumption that still needs verification.
Loan calculator questions
Does the payment include fees or insurance?
Only if those costs are added to the principal you enter. The calculator does not add them automatically.
Why does early interest take a larger share?
Interest is charged on the outstanding balance, which is highest at the beginning of the loan.
Can I download the amortization schedule?
Yes. Use the Download CSV button above the schedule.
How do I calculate extra payments?
Open the early loan repayment calculator, which rebuilds the schedule after regular or one-time extra principal payments.
Data sources
Updated: July 28, 2026
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