Loan Calculator

Calculate your loan payments, total interest, and amortization schedule

Last updated: 2026-05-13

Payment Schedule

Loan Comparison

Ready to calculate

Loan Amount (USD)

Annual Interest Rate (%)

Loan Term

Payment Frequency

Loan Amortization Schedule

Loan payment formula

For a fixed-rate amortizing loan, each payment is calculated from the principal, periodic interest rate, and number of payments.

Payment = P x r x (1 + r)^n / ((1 + r)^n - 1)
Total paid = Payment x n
Total interest = Total paid - P

P: Principal; The amount borrowed before interest.
r: Periodic interest rate; Annual percentage rate divided by payment periods per year.
n: Number of payments; Loan term converted to the selected payment frequency.

How this loan calculator works

The calculator models a fixed-rate amortizing loan using equal scheduled payments. It does not include every fee or lender-specific rule.

Convert the annual interest rate into a rate per payment period.
Convert the loan term into the total number of scheduled payments.
Calculate the payment amount using the amortization formula.
Build the schedule by applying each payment first to accrued interest and then to principal.

Important notes

APR, closing costs, origination fees, insurance, taxes, late fees, and prepayment rules may change real borrowing cost.
Variable-rate loans, interest-only periods, balloon payments, and irregular extra payments require a different model.
Use lender disclosures and professional advice before choosing or refinancing a loan.

Sources

Financial disclaimer

This loan calculator provides estimates for planning and comparison. It is not a loan offer, credit decision, tax opinion, legal advice, or financial advice.

Explore more tools in the financial category

Retirement Calculator