Free online calculator
Loan calculator
Estimate monthly loan payments.
Estimate loan repayment
Enter the loan details to generate payment totals and an amortization schedule.
How to use this calculator
- 1
Enter the loan
Add the amount you plan to borrow.
- 2
Set term and APR
Enter months and the annual interest rate.
- 3
Choose repayment
Compare annuity or equal-principal schedules.
- 4
Review totals
Check monthly payment, interest, and schedule.
Formula
Annuity payment: M = P x r / (1 - (1 + r)^-n)
Equal principal: principal payment = P / n, then monthly interest is calculated on the remaining balance.
P is loan principal, r is monthly interest rate, and n is the number of repayment months.
Worked example
Borrowing $12,000 for 12 months at 12% APR:
The monthly rate is 12% / 12 = 1%. An annuity schedule gives a payment of about $1,066.19 and total interest of about $794.23 over the year.
FAQ
How is a loan payment calculated? +
A loan payment is calculated from the principal, monthly interest rate, and number of payments. An annuity loan keeps the scheduled payment level across the repayment period.
What is an annuity loan payment? +
An annuity loan payment is a fixed monthly payment that combines principal and interest. Early payments include more interest, while later payments include more principal.
What is equal-principal repayment? +
Equal-principal repayment pays the same principal amount each month plus interest on the remaining balance. Payments usually start higher and decrease over time.
What does the grace period mean here? +
The grace period is treated as interest-only months before principal repayment starts. The principal balance stays unchanged during those months.
Does this loan calculator include fees? +
No, this calculator does not include origination fees, insurance, taxes, or early repayment charges. Add those separately when comparing real offers.
About this calculator
This loan calculator estimates monthly payments, total interest, total repayment, and a month-by-month amortization schedule. Compare annuity payments with equal-principal repayment before you borrow or refinance.
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