Loan calculator
Find the monthly payment on a loan, how much interest you pay, and the all-in annual cost. Compare fixed-payment, equal-principal, and interest-only repayment, and see the schedule payment by payment.
Enter the amount, the rate, and the term.
With the extra payment
Repayment type comparison
How much of each payment is principal
Amortization schedule
How it is calculated
- Formula
—- With your values
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Check with your lender
Your actual payment depends on the terms of your loan agreement: due date, insurance, taxes, and late fees. To compare offers, use the APR and the fees your lender discloses.How to use it
- Choose whether to calculate the payment on a loan or how much you can borrow with the monthly payment you can afford.
- Enter the loan amount, the annual rate (APR or effective), and the term in months or years. Pick the repayment type: fixed payment, equal principal, or interest-only.
- Under “More options,” add an origination fee, tax on the interest, insurance on the balance, or an extra monthly payment to see how much you save.
- Review the payment, the total interest, the all-in annual cost, the chart, and the amortization schedule. Download the schedule as a CSV file.
Frequently asked questions
What is the difference between fixed payment and equal principal?
With fixed payments (the standard amortizing loan), the payment is the same every month: at first you pay more interest and less principal, and the mix shifts over time. With equal principal, the amount of principal you repay is the same every month, so the first payment is the highest and the payments shrink month by month. Equal principal usually costs less interest overall.
What is an interest-only loan?
You pay only the interest each month and repay the entire principal with the last payment, which is called a balloon payment. The monthly payment is the lowest, but the total interest cost is the highest.
What is the difference between APR and the effective rate?
The APR is the nominal annual rate: it is divided by 12 to get the monthly rate. The effective annual rate (EAR) already includes the effect of compounding. Use the one shown on your offer.
What is the all-in annual cost?
It includes the interest rate, the origination fee, tax on the interest, and insurance. It is the effective annual rate you actually pay, and the best way to compare offers. In the United States, the APR on a loan disclosure plays a similar role because it includes certain fees. Here it is calculated from the numbers you enter.
What happens if I make an extra payment every month?
That money goes to principal, so the debt falls faster, you pay less interest, and you finish sooner. The tool shows how many months and how much interest you save.
Is my data saved?
No. The calculation happens in your browser and nothing is sent to a server.
How the payment is calculated
With fixed payments, the payment is payment = amount × i ÷ (1 − (1 + i)−n), where i is the monthly rate and n is the number of payments. For $100,000 at a 12% APR (1% per month) over 12 months, the payment is $8,884.88 and the total interest is $6,618.55.
Fixed payment, equal principal, and interest-only
- Fixed payment: a constant, predictable payment, widely used for personal loans, auto loans, and mortgages. It is also known as the French system.
- Equal principal: the principal repaid is constant and the payment goes down over time (the German system). The same loan from the example pays $6,500 in interest.
- Interest-only: you pay only interest until the end (the American system). With the same example, that is $12,000 in interest and a final payment of $101,000.
What the rate does not show
The advertised rate is rarely the real cost. Origination fees, taxes on the interest, and insurance raise the all-in annual cost. Compare offers by their total cost, not by their nominal rate.
How to pay less interest
- Choose a shorter term: the payment goes up, but the total interest drops a lot.
- Make extra payments toward principal, even small, regular ones.
- Compare the APR and fees from several lenders before you sign.
Updated on September 29, 2026