Enter your loan amount, interest rate, and loan term to calculate your monthly payment, total interest paid, and full repayment cost. Adjust the down payment and payment frequency to see how different scenarios affect what you owe. Results include a full amortization schedule breaking down principal and interest each month.
Payment Amount
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Total of All Payments
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Total Interest Paid
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Principal Borrowed
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Your periodic payment is calculated using the standard amortization formula: P × [r(1+r)^n] / [(1+r)^n − 1], where P is the principal, r is the periodic interest rate, and n is the total number of payments. This ensures each payment covers both interest accrued and a portion of the principal balance.
Four main factors influence your payment: the loan amount (principal), the annual interest rate, the loan term, and the payment frequency. A higher principal or rate increases your payment, while a longer term lowers each payment but increases total interest paid over the life of the loan.
Yes. A larger down payment reduces the principal you borrow, which directly lowers both your periodic payment and the total interest you pay. Even a small increase in your down payment can result in meaningful savings over a multi-year loan.
An amortization schedule is a table showing every payment over the life of your loan. It breaks each payment into its interest and principal components and shows the remaining balance after each payment. Early payments are mostly interest; later payments shift toward principal repayment.
Paying more frequently — such as bi-weekly instead of monthly — can reduce your total interest because you're reducing the principal balance more often. For example, bi-weekly payments result in 26 half-payments (equivalent to 13 monthly payments) per year, effectively making one extra payment annually.
The interest rate is the cost of borrowing the principal, expressed as a percentage. The APR (Annual Percentage Rate) includes the interest rate plus any fees or additional costs associated with the loan, making it a more complete measure of the loan's true annual cost. For this calculator, enter the APR if you want to include fees in your estimate.
Yes. This calculator works for any standard amortizing loan — mortgages, auto loans, student loans, and personal loans all use the same payment formula. Simply enter the relevant loan amount, rate, and term for your loan type to get your estimated payment and full schedule.
The calculator accepts years, months, or a combination of both. If your loan term is 3.5 years, you can enter 3 in the years field and 6 in the months field. If you leave one field at zero, only the other will be used. The total term is simply years × 12 + months in total months.