Loan Calculator

Monthly payment and total interest for any fixed rate loan. Results update as you type.

Loan amount

Interest rate (annual %)

Loan term (years)

Start date

Monthly payment

$0.00

Cost breakdown

Amortization schedule

How this calculator works

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Results are estimates for education only and are not financial advice.

How is the monthly payment figured?

For a fixed rate loan, the payment is set so the loan is fully paid off by the end of the term. Each payment covers that month's interest first, and the rest reduces principal. That is why early payments are mostly interest and later payments are mostly principal.