Loan Payment Estimator
Enter loan principal, annual interest rate (the yearly rate your lender quotes) and term in months. The calculator returns your monthly payment, total interest paid over the loan, and a full amortization schedule.
Calculator
Estimated payment
Monthly payment
$1,073.64
Total interest
$186,511.57
Total paid (principal + interest)
$386,511.57
Amortization schedule (sample)
| Month | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $1,073.64 | $833.33 | $240.31 | $199,759.69 |
| 2 | $1,073.64 | $832.33 | $241.31 | $199,518.38 |
| 3 | $1,073.64 | $831.33 | $242.32 | $199,276.06 |
| … | ||||
| 358 | $1,073.64 | $13.31 | $1,060.33 | $2,133.94 |
| 359 | $1,073.64 | $8.89 | $1,064.75 | $1,069.19 |
| 360 | $1,073.64 | $4.45 | $1,069.19 | $0.00 |
FAQ
How is monthly loan payment calculated?
Using the standard amortization formula: PMT = P × r(1+r)^n / ((1+r)^n − 1), where P is principal, r is monthly rate (annual rate ÷ 12 ÷ 100), and n is number of months. For 0% loans the formula simplifies to PMT = P / n.
Is this APR or nominal rate?
Enter the annual interest rate your lender quotes (often called nominal or stated rate). For most consumer loans this is APR if the lender quotes APR; otherwise enter the nominal annual rate. The calculator divides by 12 to get the monthly rate used in the amortization formula.
Why does most early payment go to interest?
Amortizing loans charge interest on the remaining balance. Early in the loan the balance is high, so most of each payment covers interest. As the balance falls, more of each payment goes to principal. This is why paying extra principal early saves the most interest over the life of the loan.
Can I trust this for big decisions?
This calculator gives you a mathematical estimate using the standard amortization formula. Real loan offers include fees, insurance, and may have variable rates. Always compare the official lender disclosure (TILA in the US, Standard European Consumer Credit Information in the EU) before signing.
What if my rate is variable?
This calculator assumes a fixed rate for the full term. For variable-rate loans (ARM mortgages, some personal loans) the monthly payment will change when the rate adjusts — calculate worst-case scenarios using the maximum rate cap your loan documents specify.
Does this work for any currency?
Yes. The math is universal — only the numeric values matter. Use whatever currency your loan is in. The calculator displays values in your locale's currency format based on your selected language.