Loan Calculator
Calculate your monthly loan payment, total interest and full amortization schedule in seconds.
The Loan Calculator works out your fixed monthly payment for any loan — a car loan, a personal loan, a student loan or a small business loan — based on the amount borrowed, the annual interest rate and the repayment term. Alongside the monthly payment it shows the total amount you will pay over the life of the loan and, most importantly, the total interest, so you can see the real cost of borrowing.
A complete amortization schedule breaks the loan down month by month: how much of each payment goes to interest, how much reduces the principal, and what your remaining balance is at every step. The early months are almost all interest; as the balance shrinks, more of your payment starts attacking the principal. You can use the tool to compare terms (a 3-year versus a 5-year loan), to check how a lower rate changes the numbers, or to see what a loan really costs before you sign.
Everything is calculated locally in your browser — no data is uploaded, no account is needed, and results update instantly as you type. The figures assume a fixed interest rate and on-time monthly payments; they do not include origination fees, late fees or prepayment penalties.
Monthly payment
$489.15
Total paid
$29,349.22
Total interest
$4,349.22
Payoff in 5 years (60 monthly payments).
Amortization schedule
| Month | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $489.15 | $135.42 | $353.74 | $24,646.26 |
| 2 | $489.15 | $133.50 | $355.65 | $24,290.61 |
| 3 | $489.15 | $131.57 | $357.58 | $23,933.03 |
| 4 | $489.15 | $129.64 | $359.52 | $23,573.51 |
| 5 | $489.15 | $127.69 | $361.46 | $23,212.05 |
| 6 | $489.15 | $125.73 | $363.42 | $22,848.63 |
| 7 | $489.15 | $123.76 | $365.39 | $22,483.24 |
| 8 | $489.15 | $121.78 | $367.37 | $22,115.87 |
| 9 | $489.15 | $119.79 | $369.36 | $21,746.51 |
| 10 | $489.15 | $117.79 | $371.36 | $21,375.15 |
| 11 | $489.15 | $115.78 | $373.37 | $21,001.78 |
| 12 | $489.15 | $113.76 | $375.39 | $20,626.38 |
| 13 | $489.15 | $111.73 | $377.43 | $20,248.96 |
| 14 | $489.15 | $109.68 | $379.47 | $19,869.48 |
| 15 | $489.15 | $107.63 | $381.53 | $19,487.96 |
| 16 | $489.15 | $105.56 | $383.59 | $19,104.36 |
| 17 | $489.15 | $103.48 | $385.67 | $18,718.69 |
| 18 | $489.15 | $101.39 | $387.76 | $18,330.93 |
| 19 | $489.15 | $99.29 | $389.86 | $17,941.07 |
| 20 | $489.15 | $97.18 | $391.97 | $17,549.10 |
| 21 | $489.15 | $95.06 | $394.10 | $17,155.00 |
| 22 | $489.15 | $92.92 | $396.23 | $16,758.77 |
| 23 | $489.15 | $90.78 | $398.38 | $16,360.39 |
| 24 | $489.15 | $88.62 | $400.53 | $15,959.86 |
| 25 | $489.15 | $86.45 | $402.70 | $15,557.15 |
| 26 | $489.15 | $84.27 | $404.89 | $15,152.27 |
| 27 | $489.15 | $82.07 | $407.08 | $14,745.19 |
| 28 | $489.15 | $79.87 | $409.28 | $14,335.90 |
| 29 | $489.15 | $77.65 | $411.50 | $13,924.40 |
| 30 | $489.15 | $75.42 | $413.73 | $13,510.67 |
| 31 | $489.15 | $73.18 | $415.97 | $13,094.70 |
| 32 | $489.15 | $70.93 | $418.22 | $12,676.48 |
| 33 | $489.15 | $68.66 | $420.49 | $12,255.99 |
| 34 | $489.15 | $66.39 | $422.77 | $11,833.22 |
| 35 | $489.15 | $64.10 | $425.06 | $11,408.16 |
| 36 | $489.15 | $61.79 | $427.36 | $10,980.81 |
| 37 | $489.15 | $59.48 | $429.67 | $10,551.13 |
| 38 | $489.15 | $57.15 | $432.00 | $10,119.13 |
| 39 | $489.15 | $54.81 | $434.34 | $9,684.79 |
| 40 | $489.15 | $52.46 | $436.69 | $9,248.09 |
| 41 | $489.15 | $50.09 | $439.06 | $8,809.03 |
| 42 | $489.15 | $47.72 | $441.44 | $8,367.59 |
| 43 | $489.15 | $45.32 | $443.83 | $7,923.77 |
| 44 | $489.15 | $42.92 | $446.23 | $7,477.53 |
| 45 | $489.15 | $40.50 | $448.65 | $7,028.88 |
| 46 | $489.15 | $38.07 | $451.08 | $6,577.80 |
| 47 | $489.15 | $35.63 | $453.52 | $6,124.28 |
| 48 | $489.15 | $33.17 | $455.98 | $5,668.30 |
| 49 | $489.15 | $30.70 | $458.45 | $5,209.85 |
| 50 | $489.15 | $28.22 | $460.93 | $4,748.91 |
| 51 | $489.15 | $25.72 | $463.43 | $4,285.48 |
| 52 | $489.15 | $23.21 | $465.94 | $3,819.54 |
| 53 | $489.15 | $20.69 | $468.46 | $3,351.08 |
| 54 | $489.15 | $18.15 | $471.00 | $2,880.08 |
| 55 | $489.15 | $15.60 | $473.55 | $2,406.52 |
| 56 | $489.15 | $13.04 | $476.12 | $1,930.40 |
| 57 | $489.15 | $10.46 | $478.70 | $1,451.71 |
| 58 | $489.15 | $7.86 | $481.29 | $970.42 |
| 59 | $489.15 | $5.26 | $483.90 | $486.52 |
| 60 | $489.15 | $2.64 | $486.52 | $0.00 |
How to use the Loan Calculator
- Enter the loan amount you plan to borrow.
- Type the annual interest rate as a percentage (for example, 6.5 means 6.5% per year).
- Enter the repayment term in years.
- Read the results: monthly payment, total paid and total interest.
- Scroll the amortization table to see exactly how each payment splits between interest and principal.
Frequently asked questions
How is the monthly loan payment calculated?
Fixed-rate loans use the standard annuity formula: payment = P × r / (1 − (1 + r)^−n), where P is the principal, r is the monthly interest rate (annual rate divided by 12) and n is the number of monthly payments. The calculator also produces a full amortization schedule using the same math.
Why is most of my early payment interest?
Interest is charged on the outstanding balance, which is highest at the start of the loan. Each month you pay the interest that accrued plus whatever is left over as principal. As the balance falls, the interest portion shrinks and the principal portion grows — this is standard amortization for every fixed-rate loan.
Should I choose a shorter loan term?
Shorter terms mean higher monthly payments but much less total interest. For example, a $20,000 loan at 7% costs about $3,746 in interest over 5 years but only about $764 over 2 years. Use the calculator to compare terms side by side and find the payment you can comfortably afford.
Does this include fees or early repayment options?
No. The result assumes a fixed interest rate with no origination fees, no late fees and no prepayment penalties. Some lenders charge these, which makes the true cost slightly higher — always read the loan agreement or ask your lender for the total cost of credit.
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