Loan Calculator
Calculate monthly payments for any loan amount, interest rate, and term. See total interest paid, view a complete amortization schedule, and compare different loan scenarios.
Monthly Payment
$599.55
Total Paid
$215,838
Total Interest
$115,838
Principal vs Interest
Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $599.55 | $99.55 | $500.00 | $99,900.45 |
| 2 | $599.55 | $100.05 | $499.50 | $99,800.40 |
| 3 | $599.55 | $100.55 | $499.00 | $99,699.85 |
| 4 | $599.55 | $101.05 | $498.50 | $99,598.80 |
| 5 | $599.55 | $101.56 | $497.99 | $99,497.24 |
| 6 | $599.55 | $102.06 | $497.49 | $99,395.18 |
| 7 | $599.55 | $102.57 | $496.98 | $99,292.61 |
| 8 | $599.55 | $103.09 | $496.46 | $99,189.52 |
| 9 | $599.55 | $103.60 | $495.95 | $99,085.92 |
| 10 | $599.55 | $104.12 | $495.43 | $98,981.79 |
| 11 | $599.55 | $104.64 | $494.91 | $98,877.15 |
| 12 | $599.55 | $105.16 | $494.39 | $98,771.99 |
How to Use
- Enter the loan amount you want to borrow
- Set the annual interest rate as a percentage
- Choose the loan term in years
- View your monthly payment, total cost, and amortization schedule
What Is Loan Amortization?
Loan amortization is the process of spreading a loan into a series of fixed payments over time. Each payment covers both principal repayment and interest charges. In the early years, most of each payment goes toward interest; as the balance shrinks, more goes toward principal — a pattern clearly visible in an amortization schedule.
The Equated Monthly Installment (EMI) formula calculates your fixed monthly payment based on the loan amount, interest rate, and term. Understanding amortization helps borrowers see the true cost of a loan, compare offers from different lenders, and evaluate strategies like extra payments or refinancing to save thousands in interest.
Popular Use Cases
Mortgage Comparison
Compare 15-year vs 30-year mortgage options to see how term length affects monthly payments and total interest paid.
Car Loan Planning
Determine affordable monthly payments for a vehicle purchase and see how a larger down payment reduces total cost.
Personal Loan Analysis
Evaluate personal loan offers with different rates and terms to find the option with the lowest total cost.
Refinancing Decisions
Calculate potential savings from refinancing an existing loan at a lower rate, factoring in closing costs and remaining term.
Loan Tips
Make Extra Payments
Even small additional monthly payments toward principal can shave years off your loan and save thousands in interest.
Choose Shorter Terms
A 15-year mortgage has higher monthly payments than a 30-year but saves more than half the total interest over the life of the loan.
Shop Multiple Lenders
A difference of 0.25% in interest rate on a $300,000 mortgage saves over $15,000 in total interest. Always compare offers.
Consider Total Cost
Low monthly payments from long terms are appealing but dramatically increase total interest paid. Always check the full cost.
Loan Term Comparison ($200,000 at 6%)
| Term | Monthly Payment | Total Interest | Total Paid |
|---|---|---|---|
| 5 Years | $3,867 | $31,994 | $231,994 |
| 10 Years | $2,220 | $66,449 | $266,449 |
| 15 Years | $1,688 | $103,788 | $303,788 |
| 20 Years | $1,433 | $143,887 | $343,887 |
| 30 Years | $1,199 | $231,676 | $431,676 |