Loan Calculator
Estimate a fixed-rate monthly payment and explore the complete principal-and-interest schedule.
Your result
FINANCIALEnter your values and select calculate.
On this page How it works & practical examples
How to use the Loan Calculator
Enter the amount actually financed, not a purchase price before a deposit. Use the contractual interest rate, since an APR that includes fees may not equal the rate used to accrue monthly interest. The schedule separates the portion repaying the balance from the portion paying interest. Early payments typically contain more interest because the remaining balance is larger.
The calculation
Worked example
Borrowing $10,000 at 8% a year over 60 months gives a monthly payment of about $202.76. Over the full term, total interest is approximately $2,165.84.
Assumptions and limits
This model assumes a fixed rate, equal payments at the end of every month and no missed or extra payments. Origination charges, late fees and daily accrual conventions are excluded. With a zero rate, the payment is simply principal divided by the number of months. Monetary results are displayed to cents while the internal calculation keeps additional precision.
Common questions
Can I compare loan terms?
Yes. Keep the principal and rate fixed and change the months. A longer term generally lowers the monthly payment while increasing the total interest.
Why might a lender quote a different payment?
Fees, a different accrual convention, the first payment date or contract rounding can change the quote. Use the lender’s actual repayment schedule for commitments.