Loan Payment & Amortization Calculator
What will this loan actually cost you? Estimate a fixed-rate installment loan's monthly payment, interest, and payoff date, then see what paying extra changes.
Your Loan at a Glance
Standard plan, before optional extra principal payments.
payments. Interest equals of the amount borrowed.
What Paying Extra Changes
Standard Plan
- Required Monthly Payment
- Extra Monthly Payment
- Planned Monthly Outflow
- Payoff Date
- Number of Payments
- Total Interest
- Total Paid
With Extra Payment
- Required Monthly Payment
- Extra Monthly Payment
- Planned Monthly Outflow
- Payoff Date
- Number of Payments
- Total Interest
- Total Paid
Monthly Amortization Schedule
Plan: . Values are shown to the nearest cent. Totals use unrounded calculations, so adding rounded rows may differ slightly.
| Payment # | Date | Beginning Balance | Payment | Principal | Interest | Extra Principal | Ending Balance |
|---|
How This Loan Payment Calculator Works
A fixed-rate installment loan uses the same required payment each month, but the mix changes over time. Earlier payments contain more interest; later payments contain more principal. Extra principal reduces the balance used to calculate future interest and can shorten payoff.
This loan amortization calculator uses monthly rate = APR ÷ 100 ÷ 12. With interest, payment = P × r ÷ [1 − (1 + r)−n]. At 0% APR, payment = P ÷ n.
Each month, interest is the starting balance times the monthly rate. The rest of the scheduled payment goes to principal, followed by any extra principal. The final payment is adjusted to clear the balance exactly.
Payments fall one month after the start date, on the original day where possible. A January 31 start uses February's last day, then March 31. Dates are calendar dates, independent of your time zone.
Important Limitations
This is an estimate for a general fixed-rate installment loan, such as a personal, auto, or equipment loan. It is not a lender quote. Actual schedules can differ because of fees, payment timing, daily interest methods, cent-rounding conventions, skipped or deferred payments, late fees, or lender-specific rules. Fee-inclusive APR can differ from your contract interest rate. No fees, variable rates, or balloon payments are modeled.
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