About this tool
Monthly payment, total interest and full amortisation schedule.
The Loan Calculator computes the monthly payment, total interest and full amortisation schedule for any fixed-rate loan. Enter the principal, annual interest rate and term in years. The amortisation table shows how each monthly payment is split between principal and interest, and how the outstanding balance decreases over the life of the loan.
Example
$10,000 at 5% for 3 years → $299.71/month · Total paid: $10,789.56 · Interest: $789.56
How to use
- Enter the loan principal amount.
- Enter the annual interest rate.
- Enter the loan term in years.
- View the monthly payment, total interest and full schedule.
Features
- Monthly payment calculation
- Total interest paid
- Full amortisation schedule
- Principal vs interest split per payment
- Early-payoff comparison
Frequently Asked Questions
How is the monthly payment calculated?+
Using the standard annuity formula: M = P·r(1+r)ⁿ / ((1+r)ⁿ−1), where P is principal, r is monthly rate (annual÷12) and n is number of payments.
What is amortisation?+
Amortisation is the process of paying off a loan with equal monthly payments. Early payments are mostly interest; later payments are mostly principal.
Does it support interest-only periods?+
Not in this version. All payments include both principal and interest.
How do I minimise total interest paid?+
Choose a shorter term and/or a lower interest rate. Making extra principal payments also reduces total interest significantly.
What is the formula used?+
Standard annuity formula: M = P × r(1+r)^n / ((1+r)^n − 1), where P is principal, r is monthly rate, n is number of payments.
Does it show total interest paid?+
Yes. The amortisation table shows total paid, total interest, and the full monthly payment schedule.