How is my monthly loan payment calculated?

Your monthly payment is calculated using the loan principal, annual interest rate, and loan term. The formula accounts for compound interest to give you a fixed monthly payment.

What is included in the total cost?

The total cost includes your down payment plus all monthly payments over the life of the loan, which covers both the principal and all interest charges.

What is a loan amortization schedule?

An amortization schedule shows how each payment is split between interest and principal and how your remaining balance decreases with every payment.

Loan Calculator

Overview

Easily calculate your monthly loan payments, total interest, and amortization schedule for any personal or general loan.

The Loan Calculator helps you estimate your monthly loan payments and provides a full amortization schedule. Enter your loan amount, down payment, interest rate, and loan term to see a breakdown of payments, total interest paid, and how your balance decreases over time.

How to use

Estimate your monthly loan payment in a few quick steps.

Enter the loan amount: Add the total amount you plan to borrow.
Add your down payment: Enter any upfront payment that reduces the principal you owe.
Choose the loan term: Select how many years you plan to repay the loan (for example, 1–7 years).
Enter the interest rate: Input the annual interest rate (APR) from your lender to calculate your payment and total interest.

FAQs

How is my monthly loan payment calculated?: Your monthly payment is calculated using the loan principal, annual interest rate, and loan term. The formula accounts for compound interest to give you a fixed monthly payment.
What is included in the total cost?: The total cost includes your down payment plus all monthly payments over the life of the loan, which covers both the principal and all interest charges.
What is a loan amortization schedule?: An amortization schedule shows how each payment is split between interest and principal and how your remaining balance decreases with every payment.