Enter a loan amount, fixed interest rate and repayment term to estimate your monthly payment, total interest, total repayment and amortization schedule.
Use this calculator for a standard fixed-rate installment loan.
Compare the same loan amount and term using nearby interest rates.
| Interest Rate | Monthly Payment | Total Repayment | Total Interest | Loan Term |
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This annual summary shows how much of your estimated payments goes toward principal and interest.
| Year | Beginning Balance | Payments | Principal Paid | Interest Paid | Ending Balance |
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A standard amortizing loan uses the amount borrowed, interest rate and repayment term to determine a scheduled monthly payment.
The payment is designed so the balance reaches approximately zero after the final scheduled payment, assuming payments are made as expected and the interest rate remains fixed.
Principal is the amount borrowed. As payments are made, the principal portion reduces the outstanding loan balance.
Interest is the cost of borrowing money. On an amortizing fixed-rate loan, interest is generally calculated using the remaining balance.
A higher interest rate generally increases both the required monthly payment and the total amount of interest paid over the loan term.
A longer repayment period generally lowers the monthly payment because repayment is spread over more months. However, a longer term may also increase the amount of interest paid.
Early payments typically contain a larger interest portion because the outstanding balance is higher. As the balance declines, more of each payment generally goes toward principal.
This calculator models a standard fixed-rate amortizing loan. Actual lender calculations may differ because of fees, payment timing, rounding, daily-interest methods or other loan terms.
A standard fixed-rate loan payment is based on the principal, monthly interest rate and number of scheduled payments.
Generally, yes. With the loan amount and repayment term unchanged, a lower interest rate typically lowers both the monthly payment and total interest cost.
Usually. Extending repayment across more months generally lowers the monthly payment, although it may increase total interest paid.
Amortization is the process of gradually repaying a loan through scheduled payments that include both principal and interest.
Interest is generally calculated from the remaining principal balance. Because the balance is highest near the beginning of the loan, the interest portion is usually larger during the earlier payments.
No. This calculator focuses on principal and interest. For a personal loan that includes an origination fee, use the Personal Loan Calculator.
It can be used to estimate many standard fixed-rate installment loans. It is not designed for variable-rate loans, credit cards, interest-only loans or loans with unusual payment structures.
A lender may use different payment dates, fees, rounding methods, daily-interest calculations or other contract terms. This calculator provides an estimate rather than a lender quote.