Loan Calculator
Calculate monthly payments, total interest, and view your amortization schedule.
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Monthly Payment
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Total Payment
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Total Interest
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Principal
Loan amount borrowed
Interest
Cost of borrowing
Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
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How Loan Payments Are Calculated
Monthly payment uses the standard amortization formula: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ−1] where P = principal, r = monthly interest rate, n = number of payments.
Each month, the interest portion decreases and the principal portion increases as the balance is paid down. This is called an amortizing loan.