💵 Loan Calculator
Calculate the monthly payment, total interest, and total cost for any fixed-rate loan.
Loan Details
Your Result
| Month | Payment | Principal | Interest | Balance |
|---|
Table shows the first 12 payments of the amortization schedule as a preview.
How the Loan Calculator Works
This calculator uses the standard fixed-rate amortization formula to determine your monthly payment for any type of installment loan — personal, business, or otherwise.
Formula
Number of Payments (n) = Term in Months
Monthly Payment = P × r × (1 + r)ⁿ / [(1 + r)ⁿ − 1]
(If r = 0: Monthly Payment = P / n)
Frequently Asked Questions
What loan types can I use this calculator for?
Any fixed-rate, fixed-term installment loan — personal loans, business loans, or other amortizing debt — as long as you know the principal, rate, and term.
Why does more of my payment go to interest early on?
Interest is charged on the outstanding balance each period. Since the balance is highest at the start, more of each early payment covers interest rather than principal.
Does a shorter term save money?
Generally yes — a shorter term means less time for interest to accrue, so total interest paid is lower, though the monthly payment will be higher.