Loan Payment Calculator
See your monthly payment and how much interest you'll pay over the life of the loan.
Year-by-year amortization schedule
For information only. Results are estimates based on the numbers you enter and a constant rate. They are not financial, tax or investment advice — real returns, fees, taxes and lender terms vary. Speak to a qualified adviser before making financial decisions.
How it works
- Enter the loan amount and the annual interest rate (APR).
- Set the term in years or months.
- See your monthly payment and the total interest.
- Open the schedule to see how each year's payments split between principal and interest.
Frequently asked questions
How is the monthly payment calculated?
It uses the standard amortization formula: payment = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the amount borrowed, r the monthly interest rate and n the number of monthly payments.
Why is so much of each early payment interest?
Interest is charged on the outstanding balance, which is largest at the start. As you repay principal, the interest portion shrinks and more of each payment reduces the balance.
Does the payment include taxes, insurance or fees?
No. Mortgage payments may also include property tax, insurance and fees. Add those separately to estimate your full monthly cost.
How can I pay less interest overall?
Borrowing less, choosing a shorter term or making extra payments towards principal all reduce total interest. Compare scenarios by changing the term and rate.
Understand a loan before you sign
A loan's headline rate doesn't tell you the whole story. This calculator shows the fixed monthly payment for a fully amortizing loan, the total you'll repay and how much of it is interest — for mortgages, car loans, student loans and personal loans alike.
Reading the amortization schedule
The year-by-year schedule shows how much principal and interest you pay each year and the balance left at the end of it. Early years are interest-heavy; later years pay the loan down quickly. Use it to see the effect of a shorter term or a lower rate before you commit.