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Loan Payment Calculator

Estimate the payment and amortization path of a fixed-rate, fully amortizing loan, with an optional recurring extra payment.

Enter your assumptions

Use one period and currency consistently. Change any value to recalculate.

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Results

Estimate based on the assumptions shown.

Instant estimate

What this calculator measures

A standard loan payment calculation spreads principal and interest across equal scheduled payments. Early payments contain more interest because the balance is larger; later payments contain more principal. An extra recurring payment reduces principal faster and can shorten the payoff period.

This tool models a fixed nominal annual rate with monthly payments and no fees. Real offers may use different day-count rules, compounding conventions, insurance, taxes, origination costs or prepayment restrictions. Compare its schedule with the lender's formal disclosure before making a decision.

How to use the Loan Payment Calculator

  1. Enter principal, nominal annual interest rate and term in years.
  2. Optionally add a recurring monthly principal payment.
  3. Review scheduled payment, total interest, payoff date and amortization rows.
Payment = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)

P is principal, r is the monthly interest rate and n is the number of monthly payments. The amortization table applies interest to the opening balance each month.

Worked example

A $250,000 loan at 6% for 30 years has a scheduled principal-and-interest payment of about $1,498.88 before fees, insurance or taxes.

Assumptions and limitations

  • The model assumes a fixed rate and monthly compounding/payment schedule.
  • Fees, insurance, taxes, penalties and variable rates are excluded.
  • Actual lender rounding and payment dates can change the final payment slightly.
  • This is an educational estimate, not lending or financial advice.

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