Loan Calculator (Payment & Amortization Schedule)

Calculate the monthly payment and full repayment schedule for any fixed-rate loan.

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Leave 0 unless your loan has a tax applied to interest

Results

Monthly payment
$500.95
Total repayment
$30,056.92
Total interest
$5,056.92
Effective monthly rate
0.63%

This loan calculator works for any fixed-rate, equal-installment loan — personal loans, auto loans, mortgages and business loans. Enter the annual percentage rate (APR) or a monthly rate, and see your payment, total repayment and total interest.

The amortization schedule breaks every payment into principal and interest, so you can see how your balance falls over time and how much of each payment actually reduces the debt.

How to calculate Loan payment

  1. Enter the amount you want to borrow.
  2. Enter the interest rate and choose whether it is annual or monthly.
  3. Enter the term in months (e.g. 60 for five years).
  4. Leave the tax field at 0 unless your loan has a tax charged on interest.

Loan payment formula

  • Monthly rate r = APR ÷ 12
  • Payment = P × r ÷ (1 − (1 + r)^−n)
  • Total interest = Payment × n − P

Loan payment example

A $25,000 loan at 7.5% APR over 60 months has a monthly payment of about $500.95 and total interest of about $5,057.

Loan payment: common questions

How is a loan payment calculated?

Fixed-rate loans use the annuity formula: Payment = P × r ÷ (1 − (1 + r)^−n), where P is the principal, r the monthly rate and n the number of payments.

Is a longer term better?

A longer term lowers the monthly payment but increases the total interest you pay. Compare the totals for different terms before deciding.

Why might my lender’s quote differ?

Lenders may add origination fees, insurance or other charges, and may calculate interest daily. Always check the lender’s official disclosure and APR.

Does this work for mortgages?

Yes, for the principal and interest part. Property tax, insurance and HOA fees are not included.