Loan Repayment Calculator — Monthly Payment and Schedule
Monthly payment and total interest
Enter the amount, rate and term to see the payments.
- Total interest
- Total paid
Payment schedule
| # | Payment | Principal | Interest | Balance |
|---|
Lenders may differ by a few cents due to daily interest or fees. Use as an estimate.
How to use
- Enter the loan amount, annual rate and term.
- Choose the repayment type and any interest-only months.
- See the monthly payment, total interest, a comparison of types and the full schedule.
FAQ
Equal payments vs. equal principal?
Equal payments keep the monthly amount the same. Equal principal repays the same principal each month, so payments start higher and shrink. Equal principal costs less interest overall.
How does interest-only work?
You pay only interest each month and repay the whole principal at the end. Monthly payments are lowest, but total interest is highest.
What is the interest-only period?
The first months when you pay interest only. Here it is part of the term, and the principal is repaid over the remaining months.
Why does my lender show a slightly different number?
Lenders may compute daily interest or add fees. This calculator uses the annual rate divided by 12 each month.
Does it handle variable rates?
It assumes the rate stays the same. When your rate changes, recalculate with the remaining balance and the new rate.