Worked example
Borrowing $15,000 at 7.5% over 60 months requires roughly $300.57 monthly.
All calculators
Loans & savings
Loan Payment Calculator
Estimate fixed monthly loan repayments and interest.
Enter your numbers
Adjust the example to calculate using your own figures. Results update instantly.
Your results
Calculated locally- Monthly payment
- —
- Total interest
- —
- Total amount repaid
- —
Calculations stay in your browser. Shared links include the numbers you enter after #. They are not sent in HTTP requests, but avoid sharing confidential amounts.
Your inputs are processed in your browser, not uploaded to a server.
Loan amortization by year
Every monthly installment includes interest on the remaining balance and a portion that pays down principal. This breakdown shows how the share changes over the life of the loan. Values update when you change the inputs above.
| Year | Principal paid | Interest paid | Balance remaining |
|---|---|---|---|
| 1 | $2,568.95 | $1,037.88 | $12,431.05 |
| 2 | $2,768.38 | $838.45 | $9,662.67 |
| 3 | $2,983.30 | $623.53 | $6,679.38 |
| 4 | $3,214.90 | $391.93 | $3,464.48 |
| 5 | $3,464.48 | $142.35 | $0.00 |
Annual totals use unrounded monthly calculations. Displayed amounts are rounded to cents; they can differ slightly from lender statements.
Important assumptions
Excludes origination fees, late charges, insurance and variable-rate changes.
How to use your results
A standard amortizing loan uses equal monthly payments that gradually shift from interest toward principal. At 0% interest, divide principal by months.
Start with the example values, then replace them with amounts for the same transaction or time period. Double-check rates and units. The results are estimates intended to help you explore possible outcomes, not financial or tax advice.
Understand amortization
A fixed loan payment contains both interest and principal. Early installments usually pay more interest because the outstanding balance is larger. The table below lets you see how the balance declines, instead of just showing one monthly payment.
Term length versus borrowing cost
Extending a loan term usually lowers the required monthly payment but increases cumulative interest when the annual rate stays constant. Compare two terms with the same principal and rate to understand the trade-off.
Does this payment include origination fees?
No. Fees, optional insurance, promotional rates and charges must be considered separately. The estimate is for a fixed-interest loan with equal monthly payments.
How to calculate loan payment
Payment = P × r / (1 − (1 + r)^−n); r = APR ÷ 12; n = months
A standard amortizing loan uses equal monthly payments that gradually shift from interest toward principal. At 0% interest, divide principal by months.