Loan Payment Calculator
Work out the monthly payment of a fixed-rate loan, the total interest, and a small table of the first 12 payments.
Loan payment
Type the amount, the yearly rate and the term.
Monthly payment
1,199.10
431,676.38
Total paid
231,676.38
Total interest
360
Payments
First 12 payments
| Month | Payment | Principal | Interest | Balance after |
|---|---|---|---|---|
| 1 | 1,199.10 | 199.10 | 1,000.00 | 199,800.90 |
| 2 | 1,199.10 | 200.10 | 999.00 | 199,600.80 |
| 3 | 1,199.10 | 201.10 | 998.00 | 199,399.71 |
| 4 | 1,199.10 | 202.10 | 997.00 | 199,197.60 |
| 5 | 1,199.10 | 203.11 | 995.99 | 198,994.49 |
| 6 | 1,199.10 | 204.13 | 994.97 | 198,790.36 |
| 7 | 1,199.10 | 205.15 | 993.95 | 198,585.21 |
| 8 | 1,199.10 | 206.17 | 992.93 | 198,379.04 |
| 9 | 1,199.10 | 207.21 | 991.90 | 198,171.83 |
| 10 | 1,199.10 | 208.24 | 990.86 | 197,963.59 |
| 11 | 1,199.10 | 209.28 | 989.82 | 197,754.31 |
| 12 | 1,199.10 | 210.33 | 988.77 | 197,543.98 |
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On this page
Loan payment examples
| Amount | Rate | Term | Monthly payment | Total interest |
|---|---|---|---|---|
| 200000 | 6% | 360 months | 1,199.10 | 231,676.38 |
| 100000 | 5% | 180 months | 790.79 | 42,342.85 |
| 10000 | 0% | 10 months | 1,000.00 | 0.00 |
| 25000 | 7.5% | 60 months | 500.95 | 5,056.92 |
| 250000 | 4.5% | 360 months | 1,266.71 | 206,016.78 |
Formula
payment = P x r / (1 - (1 + r)^-n), where P = amount, r = yearly rate / 12 / 100, n = number of monthly payments
With a rate of 0 the payment is simply P / n. Each month the interest is the balance times r; the rest of the payment reduces the balance.
How the loan payment works
- Step oneType the loan amount and the yearly interest rate.
- Step twoType the term and choose years or months.
- Step threeRead the monthly payment, the totals and the first 12 rows of the schedule.
What this tool does not do
- It assumes a fixed rate, equal monthly payments and interest worked out monthly, as in a standard amortizing loan.
- It does not include taxes, insurance, fees or extra payments, and it is not an offer or advice.
- Lenders have their own rounding and day-count rules, so a real schedule can differ by cents.
Frequently asked questions
Does this include taxes, insurance and fees?
No. It works out the loan itself. A mortgage payment often also holds property tax, insurance and fees that are not in this number.
Why can my lender's figure differ by a few cents?
Lenders round each payment to cents and may handle the first and last payment differently. This tool does not round the calculation, only the display.
What happens if I pay extra?
Extra payments shorten the loan and cut the interest. This tool shows the plain schedule only and does not model extra payments.