Calculate monthly loan payments with amortization schedule. See total interest paid and loan payoff date.
Frequently Asked Questions
What types of loans can I calculate?
This calculator works for any fixed-rate loan: mortgages, auto loans, personal loans, student loans, business loans, etc. As long as you have a fixed interest rate and fixed term, it will calculate accurately.
What is an amortization schedule?
An amortization schedule shows each loan payment broken down into principal and interest components, along with the remaining balance after each payment. It helps you see how much of each payment goes toward reducing the loan balance vs. paying interest.
How is loan interest calculated?
Loan interest is typically calculated monthly using the formula: monthly interest = (remaining balance × annual interest rate) / 12. Each payment first covers the interest charges, then the remainder reduces the principal balance.
Can I make extra payments?
This calculator shows the standard amortization schedule. To see the impact of extra payments, you would need to recalculate with a reduced loan term or use a dedicated extra payment calculator.