Loan Calculator
Results
Monthly Payment
Total Interest
Total Cost
| Month | Payment | Principal | Interest | Balance |
|---|
How the Loan Calculator Works
This calculator uses the standard amortization formula to work out a fixed monthly payment that pays off your loan in full, with interest, over the term you enter. Each month a slightly different split of principal and interest is applied — early payments are interest-heavy, later ones pay down more principal — which you can see in full in the amortization table.
It works for any fixed-rate, fixed-term loan repaid in equal monthly installments — mortgages, auto loans, personal loans, and student loans all follow the same math.
Frequently Asked Questions
What types of loans can I use this for?
Any loan with a fixed interest rate and fixed term repaid in equal monthly installments — mortgages, car loans, personal loans, and student loans.
Why does so much of my early payment go to interest?
Interest is charged on the remaining balance each month. Since the balance is highest at the start, more of your payment covers interest early on, shifting toward principal as the balance shrinks.
Does this include taxes, insurance, or fees?
No — this covers principal and interest only. For a mortgage, your actual monthly payment may also include property taxes, homeowners insurance, and other fees.