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Loan Calculator

Calculate the monthly payment, total interest and yearly amortization schedule for a fixed-rate loan.

Result

Enter your values and select Calculate to see the result.

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How the Loan Calculator works

Enter the amount borrowed, the annual interest rate and the term. The calculator uses the standard amortization formula for a fixed-rate loan with equal monthly payments — the same one used for mortgages and car loans — and shows the monthly payment, the total interest and how the balance falls each year.

Formula

M = P × i ÷ (1 − (1 + i)−n)

Where:

P
Loan amount
i
Monthly rate: annual rate ÷ 12 as a decimal
n
Number of monthly payments

At 0% interest the payment is simply P ÷ n.

Examples

A 200,000 mortgage at 6% over 30 years

The payment is 1,199.10 a month, and total interest over the 360 payments is 231,676.38.

A 15,000 car loan at 7.5% over 60 months

The payment is 300.57 a month.

Frequently asked questions

Why is so much of the early payment interest?

Interest is charged on the remaining balance. Early on the balance is highest, so more of each payment goes to interest; later, more goes to the principal. The amortization table shows this year by year.

Does the payment include fees, insurance or property tax?

No — only principal and interest. Your lender's quote may be higher once those are added.

Information:

Good to know

Results are estimates for planning. They aren't financial advice, and your bank or lender may round, charge fees or calculate interest differently.

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