—
Monthly payment
—
Total paid
—
Total interest
| Month | Payment | Principal | Interest | Balance |
|---|
How to use the Loan Calculator
- Enter the loan amount, annual interest rate, and duration in years.
- Click Calculate to see monthly payment, total paid, and total interest.
- Click Show amortization schedule for a month-by-month breakdown.
How monthly loan payments are calculated
The formula is PMT = P × r(1+r)ⁿ / ((1+r)ⁿ − 1) where P is the principal, r is the monthly rate (annual rate ÷ 12), and n is the total number of payments.
Each monthly payment covers first the interest accrued that month, then the remaining amount reduces the principal balance.