Loan Calculator
Monthly payment, total interest and amortization schedule
Loan Calculator: What Will Your Monthly Payment Be?
Seeing the payment is easy — what matters is seeing the total interest you'll pay.
The true cost of a loan hides not in the advertised rate but in the total of the payment schedule. Enter the loan amount, interest rate and term, and this tool computes your monthly payment using the standard fixed-installment (annuity) method — then shows the full picture: total repayment, total interest, and interest as a share of principal. You can enter the rate as monthly or yearly, whichever your lender quotes; switching the unit converts the number automatically. The amortization table below breaks down every payment month by month into interest, principal and remaining balance — and makes visible what surprises most borrowers: in the early months, most of each payment goes to interest. Try different terms and watch how a longer term lowers the payment but multiplies the total interest.
Features
Monthly Payment
Fixed-installment (annuity) payment, computed precisely.
Amortization Table
Interest, principal and balance for every month.
Monthly / Yearly Rate
Enter the rate in either unit; conversion is automatic.
True Cost
Total interest and interest-to-principal ratio at a glance.
Loan Math Guide
How it's calculated
- Payment = Amount × i ÷ (1 − (1+i)⁻ⁿ) — i: monthly rate, n: months
- Each payment covers that month's interest first; the rest reduces principal
- Early payments are interest-heavy; principal dominates near the end
- Nominal yearly rate = monthly rate × 12
Worth knowing
- A longer term lowers the payment but raises total interest
- The advertised rate may exclude fees — compare APR when available
- Early repayment saves the interest of the remaining months
- The balance column shows the base amount for early payoff
Frequently Asked Questions
How is a loan payment calculated?
Fixed-installment loans use the annuity formula: Payment = Amount × i ÷ (1 − (1+i)⁻ⁿ), where i is the monthly rate as a decimal and n the number of payments. Example: 100,000 at 1% monthly over 12 months → 8,884.88 per month.
What's the difference between a monthly and a yearly rate?
Some lenders quote monthly rates, others yearly. The nominal conversion is simple: yearly = monthly × 12. The unit toggle in this tool converts your entered rate automatically.
Why is the total interest so high?
Interest accrues each month on the entire remaining balance, so it compounds with the term. Stretching the same loan from 24 to 48 months lowers the payment but can roughly double total interest — try it in the table.
What is the amortization schedule for?
It shows each payment's split between interest and principal plus the remaining balance. Use it to read your payoff amount if you're considering early repayment, or to compare offers. Seeing how interest-heavy the early months are surprises most borrowers.
Does this include fees and taxes?
No — the tool computes pure interest on the annuity method. Origination fees, insurance or local taxes vary by country and lender; add them to the advertised rate or compare official APR figures for a complete picture.
What happens if I repay the loan early?
You pay off the remaining principal and skip the interest of the months that haven't accrued yet. Many lenders charge a small early-repayment fee — check your contract. The balance column shows the base amount you would settle.