Loan Calculator
Find the payment for a fixed-rate loan and see exactly how much of each instalment goes to interest versus principal. Enter the amount, rate and term, pick a payment frequency, and the schedule updates instantly.
Result
- Number of payments
- 36
- Total of all payments
- $11,115.75
- Total interest
- $1,115.75
| # | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $308.77 | $250.44 | $58.33 | $9,749.56 |
| 2 | $308.77 | $251.90 | $56.87 | $9,497.66 |
| 3 | $308.77 | $253.37 | $55.40 | $9,244.30 |
| 4 | $308.77 | $254.85 | $53.93 | $8,989.45 |
| 5 | $308.77 | $256.33 | $52.44 | $8,733.12 |
| 6 | $308.77 | $257.83 | $50.94 | $8,475.29 |
| 7 | $308.77 | $259.33 | $49.44 | $8,215.96 |
| 8 | $308.77 | $260.84 | $47.93 | $7,955.11 |
| 9 | $308.77 | $262.37 | $46.40 | $7,692.75 |
| 10 | $308.77 | $263.90 | $44.87 | $7,428.85 |
| 11 | $308.77 | $265.44 | $43.33 | $7,163.41 |
| 12 | $308.77 | $266.98 | $41.79 | $6,896.43 |
What this loan calculator does
Most consumer loans are amortizing: you borrow a lump sum and repay it in equal instalments that cover the interest due plus part of the principal, until the balance reaches zero. This calculator finds that instalment for any fixed-rate loan and builds the full repayment schedule, so you can see the balance after any payment and the total interest you will pay.
Loan payment formula
Payment = P × r ÷ (1 − (1 + r)−n)
where P is the amount borrowed, r is the interest rate per period (annual rate ÷ payments per year) and n is the total number of payments. When the rate is 0%, the payment is simply P ÷ n.
Example: $10,000 at 7% over 3 years with monthly payments. r = 0.07 ÷ 12 = 0.005833 and n = 36. Payment = 10,000 × 0.005833 ÷ (1 − 1.005833−36) = $308.77. Thirty-six payments total $11,115.75, so the loan costs $1,115.75 in interest. The first payment includes $58.33 of interest (10,000 × 0.005833) and $250.44 of principal.
How to use this calculator
- Enter the amount you plan to borrow and the annual interest rate.
- Set the term in years and, if needed, extra months.
- Choose how often you will pay. Biweekly and weekly options divide the annual rate by 26 or 52.
- Expand the schedule to see the balance after any payment, useful for planning an early payoff.
Tips
- Compare offers by APR, not just the headline rate, so origination fees are included.
- A shorter term raises the payment but lowers total interest. Try 2 years versus 5 in the example above.
- Extra payments go straight to principal and cut future interest, since interest is charged on the balance.
- For a home purchase use the mortgage calculator, which adds tax and insurance; for a vehicle, the auto loan calculator handles sales tax and trade-ins.
Frequently asked questions
What is the difference between interest rate and APR?
The interest rate is the yearly cost of borrowing the principal. APR (annual percentage rate) adds origination fees and other required charges, so it is a more complete measure of cost and the better figure for comparing offers. Enter the plain interest rate here; fees are not modelled.
Does paying biweekly save money?
Paying half the monthly amount every two weeks results in 26 half-payments, or 13 full payments a year instead of 12. That extra payment goes to principal and can shorten a long loan by years. Choose "Biweekly" above to see the per-period payment; the schedule assumes the lender applies payments as received.
How is each payment split between principal and interest?
Interest for a period equals the remaining balance multiplied by the periodic rate. The rest of the fixed payment reduces the balance. Early payments are interest-heavy because the balance is high; later payments are mostly principal.
Can I use this for a student or personal loan?
Yes, for any fixed-rate loan repaid in equal instalments: personal, student, business or home equity loans. It does not handle variable rates, interest-only periods or deferred payments.