Monthly payment, total interest and a payment table for a fixed-rate loan. Runs on your device.
The page uses the standard formula for a loan with equal monthly payments: payment = loan × r ÷ (1 − (1 + r)^−n), where r is the yearly rate divided by 12 and by 100, and n is the number of monthly payments. For a loan of 100,000 at 6% a year for 30 years, r is 0.005 and n is 360, so the payment is 599.55. Over 360 payments that makes 215,838.19, of which 115,838.19 is interest. The page opens on this example, and the box How this was worked out shows each step with your own numbers. At a rate of 0% the formula would divide by zero, so the tool uses loan ÷ n instead: 10,000 over 12 months is 833.33 a month with no interest.
The loan amount must be more than 0 and no more than 1,000,000,000,000. The rate is a yearly rate from 0 to 100%. The term can be given in years or in months, up to 1,200 months, which is 100 years. A term in years may have decimals as long as it makes a whole number of months, so 2.5 years is 30 months, while 2.55 years is refused with a message. Payments are monthly, in arrears, and the rate is fixed. The tool leaves out fees, insurance, taxes, rate changes, extra payments and a first payment that is not one month after the loan starts. Numbers can be typed with commas, as in 250,000.
The table splits the payments into principal and interest. Each month the interest is the balance left times r, and the rest of the payment reduces the balance. In the first year of the 100,000 example about 5,966.59 of the payments is interest and 1,228.01 repays the loan, which leaves a balance of 98,771.99. Early payments are mostly interest, and the share going to the loan grows as the balance falls. The default view is year by year. Month by month shows the first 120 months, and its caption says so when the term is longer. The balance in the last row is 0.
All amounts are worked in full precision and rounded to 2 decimals only when they are shown, with halves rounded up. The total paid is the unrounded payment times the number of payments, so it can differ by a few cents from the shown payment times the number of payments. A real lender usually rounds each payment to cents and adjusts the last one. Amounts have no currency symbol, and digit grouping follows your browser's language setting. Nothing you type is stored or sent. This is an estimate, not financial advice.
The monthly payment is loan × r ÷ (1 − (1 + r)^−n), where r is the yearly rate ÷ 12 ÷ 100 and n is the number of months. For 100,000 at 6% over 30 years, r = 0.005, n = 360 and the payment is 599.55. The tool writes this out with your numbers under the result.
The formula above cannot be used at 0%, so the payment is the loan divided by the number of months. A loan of 10,000 over 12 months is 833.33 a month, with total interest of 0.00. The table then shows only principal.
The total is worked from the unrounded payment. For 100,000 at 6% over 30 years the payment is 599.5505 before rounding, so 360 payments make 215,838.19 and not 599.55 × 360 = 215,838.00. A lender normally rounds each payment and adjusts the last one, so its own schedule can differ by a few cents.
Yes. Choose Months in Term in and type a whole number from 1 to 1,200. In years you can use decimals, such as 7.5 for 90 months, as long as the result is a whole number of months. Anything else shows a message under the Term box and no result.
No. It works out a fixed-rate loan with equal monthly payments and nothing else. Fees, insurance, a changing rate and early repayments all change the real cost and are not included. The result is an estimate, not financial advice, and your lender's schedule is the one that counts.