Loan Calculator
Estimate a fixed-rate installment loan payment from the amount borrowed, annual percentage rate, and repayment term. Choose years or months to compare personal loans and other monthly-payment borrowing options.
Loan Calculator tool
About the Loan Calculator
The monthly amortization schedule shows how each payment reduces principal. A yearly summary helps you see the changing interest burden and remaining balance. Results are estimates, not financial advice.
How Is Loan Calculated?
The standard amortization formula assumes equal monthly payments, a constant rate, and no extra payments. The monthly rate is the annual percentage entered divided by 1,200. At a zero rate, divide principal evenly across the term.
M = P × r ÷ [1 − (1 + r)^(−n)]
At 0%: M = P ÷ n
Total interest = total repayment − principal
Example
A $10,000 loan at 6% over 36 months has a payment of $304.22 and approximately $951.90 in total interest.
How to Use the Loan Calculator
- Enter the amount you will borrow.
- Enter the annual rate as a percentage.
- Select years or months and enter the term.
- Compare monthly payment, total interest, and total repayment.
- Review the monthly schedule and yearly summary.
Loan Calculator Examples
Zero-interest borrowing
Borrowing $1,200 at 0% over 12 months requires $100 per month and no interest.
Three-year loan
Borrowing $10,000 at 6% over 36 months gives a $304.22 monthly payment and $10,951.90 total repayment.
Reading the schedule
Principal reduces the debt; interest pays for borrowing. The balance column is the amount left after each payment.
Model limitations
The model assumes regular monthly payments and no prepayments, missed payments, fees, or rate changes. Internal calculations retain precision while displayed values are rounded.
Frequently Asked Questions
Does this work at 0% APR?
Yes. With no interest, principal is divided by the number of payments.
Why does principal increase over time?
Interest is charged on the remaining balance. As the balance falls, more of the fixed payment goes toward principal.
Are fees included?
No. Add financed fees to the amount borrowed if appropriate. A disclosed APR that includes fees may not equal the contractual interest rate.
Can I enter months?
Yes. Choose months to enter an exact whole-month repayment period.
Will my lender schedule match exactly?
Not necessarily. Payment rounding, daily accrual, payment dates, and lender rules can produce differences.
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