Loan Calculator

Calculate your loan payments, interest, and amortization schedule. Enter your loan amount, annual interest rate, loan term, and payment frequency to see your monthly payment, total interest paid, and complete payment breakdown.
Loan Details
Loan Amount
$
Annual Interest Rate
Loan Term
years
Payment Frequency
Loan Summary
Monthly Payment
$567.79
Total Principal Paid
$100,000.00
Total Interest Paid
$104,404.04

Principal vs. Interest Breakdown

Total Cost
$204,404
Principal
Interest
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Amortization Schedule (First 12 Payments)
Payment #PrincipalInterestRemaining Balance
1$109.46$458.33$99,890.54
2$109.96$457.83$99,780.59
3$110.46$457.33$99,670.13
4$110.97$456.82$99,559.16
5$111.48$456.31$99,447.68
6$111.99$455.8$99,335.69
7$112.5$455.29$99,223.19
8$113.02$454.77$99,110.18
9$113.53$454.25$98,996.64
10$114.05$453.73$98,882.59
11$114.58$453.21$98,768.01
12$115.1$452.69$98,652.91

Understanding Loan Calculations

How Monthly Payments Are Calculated
Your monthly loan payment is determined by three key factors: the loan amount (principal), the annual interest rate, and the loan term. The calculator uses an amortization formula that ensures each payment covers both the interest charges and a portion of the principal. In the early years of your loan, a larger portion of each payment goes toward interest, while later payments contribute more to reducing the principal balance. This is why making extra payments early in the loan term can significantly reduce the total interest you'll pay over the life of the loan.