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Loan Calculator
Monthly payment
Loan calculator
Calculator
Enter your loan details
Start with the amount, interest rate, term, and repayment structure.
The amount borrowed before interest and fees.
The interest rate charged on the loan.
Choose whether the entered rate is monthly or annual.
The planned repayment duration.
Enter the term in months or years.
The way principal and interest are repaid.
Currency changes formatting only; no conversion occurs.
Advanced options
Annual nominal rates divide by 12; effective rates convert mathematically.
A fixed fee charged at the start.
A fee calculated from the principal.
A fixed service fee per payment month.
A fixed fee applied every twelfth payment.
An optional recurring principal prepayment.
An optional one-time principal prepayment.
The payment number when the one-time amount is applied.
Monthly payment
Equal payments / Annuity · 24 payments
Principal$10 000Total interest$1 297.63Total fees$0Total repayment$11 297.63Effective annual rate12.68%Total borrowing cost$1 297.63
Equivalent monthly rate: 1%.
Amortization schedule
| Payment # | Payment | Principal | Interest | Fees | Remaining balance |
|---|---|---|---|---|---|
| 1 | $470.73 | $370.73 | $100 | $0 | $9 629.27 |
| 2 | $470.73 | $374.44 | $96.29 | $0 | $9 254.82 |
| 3 | $470.73 | $378.19 | $92.55 | $0 | $8 876.64 |
| 4 | $470.73 | $381.97 | $88.77 | $0 | $8 494.67 |
| 5 | $470.73 | $385.79 | $84.95 | $0 | $8 108.88 |
| 6 | $470.73 | $389.65 | $81.09 | $0 | $7 719.23 |
| 7 | $470.73 | $393.54 | $77.19 | $0 | $7 325.69 |
| 8 | $470.73 | $397.48 | $73.26 | $0 | $6 928.21 |
| 9 | $470.73 | $401.45 | $69.28 | $0 | $6 526.76 |
| 10 | $470.73 | $405.47 | $65.27 | $0 | $6 121.29 |
| 11 | $470.73 | $409.52 | $61.21 | $0 | $5 711.77 |
| 12 | $470.73 | $413.62 | $57.12 | $0 | $5 298.16 |
| 13 | $470.73 | $417.75 | $52.98 | $0 | $4 880.4 |
| 14 | $470.73 | $421.93 | $48.8 | $0 | $4 458.47 |
| 15 | $470.73 | $426.15 | $44.58 | $0 | $4 032.32 |
| 16 | $470.73 | $430.41 | $40.32 | $0 | $3 601.91 |
| 17 | $470.73 | $434.72 | $36.02 | $0 | $3 167.19 |
| 18 | $470.73 | $439.06 | $31.67 | $0 | $2 728.13 |
| 19 | $470.73 | $443.45 | $27.28 | $0 | $2 284.68 |
| 20 | $470.73 | $447.89 | $22.85 | $0 | $1 836.79 |
| 21 | $470.73 | $452.37 | $18.37 | $0 | $1 384.42 |
| 22 | $470.73 | $456.89 | $13.84 | $0 | $927.53 |
| 23 | $470.73 | $461.46 | $9.28 | $0 | $466.07 |
| 24 | $470.73 | $466.07 | $4.66 | $0 | $0 |
This is an estimate based on standardized monthly assumptions. Lender calculations may differ.
Methodology details
- Formula version
- LOAN_CALCULATOR_V1
- Payment frequency
- Monthly
- Data handling
- Entered values stay local
Planning tool
See how the loan term changes the cost.
Compare standardized equal-payment scenarios for a $10 000 loan at 12% annually.
The real cost
What this loan calculator tells you.
Estimate the payment, total interest, fees, and repayment under a standardized monthly model.
Results explain assumptions rather than claiming to reproduce every lender, contract, or jurisdiction.
Worked example
See where your loan payment goes.
Principal$10 000+Interest$1 297.63+Fees$0=Total repayment$11 297.63
Rates explained
Is 3% per month really 36% per year?
3% × 12 = 36% is the nominal annualized rate. With monthly compounding, (1.03)¹² − 1 produces an effective annual rate of about 42.58%. The contract’s calculation method still matters.
Interpretation
Understand the real cost of borrowing.
Monthly payment affects cash flow. Total interest and fees describe borrowing cost. A longer term can reduce the payment while increasing total interest.
Repayment methods
Different structures change the payment pattern.
Equal payments remain stable; equal-principal payments decline; interest-only loans defer principal; simple interest uses principal × rate × time. None is universally better.
Answers
Frequently asked questions
How is a loan payment calculated?
For an equal-payment loan, the payment is calculated from principal, the periodic interest rate, and the number of payments.
What is the difference between monthly and annual interest?
A monthly rate applies each month. Its nominal annualized rate is twelve times the monthly rate, while its effective annual rate includes compounding.
What is an effective annual interest rate?
It is the annual rate after accounting for compounding during the year.
What is the difference between annuity and equal-principal payments?
Annuity payments remain broadly equal. Equal-principal loans repay the same principal each period, so payments decline over time.
Why does a longer loan often cost more?
A longer term can lower each payment but leaves principal outstanding for longer, which can increase total interest.
How do extra payments reduce interest?
Extra principal payments lower the outstanding balance used for later interest calculations.
Do loan fees affect the real cost of borrowing?
Yes. Fees increase total borrowing cost even when the advertised interest rate is unchanged.
Is this a legally compliant APR calculation?
No. Statutory APR definitions vary by jurisdiction. This calculator provides standardized estimates, not a country-specific legal disclosure.
Can I use the calculator for a 0% loan?
Yes. At 0% interest, principal is divided across the selected term and any entered fees remain visible separately.
Related tools
Continue your analysis.
Sources and methodology
How this calculator handles loans.
Formula version
LOAN_CALCULATOR_V1
Assumptions
Monthly payments, sufficient internal precision, fees shown separately, and final balances normalized to zero.
Data handling
Entered financial values stay in the browser and are not transmitted.
Accuracy & trust
Built to be useful. Designed to be checked.
We test and review CoreBase tools, formulas, and information to keep them useful and accurate. Occasional inaccuracies or circumstances specific to your situation can still affect a result, so verify important decisions against your own requirements.
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