Loan Calculator

Calculate monthly loan payments, total interest, or solve for loan amount, term, and interest rate with full amortization.

Fixed-Rate Amortization Model

🎯 Monthly Payment 15 yrs @ 6.00%

Monthly Payment Amount

$1,688/mo

Borrowing $200,000 requires a total of $303,788 across the full term, including $103,788 in interest.

Payment Composition 34.2% Interest Share

Principal: $200,000 (66%) Interest: $103,788 (34%)

Loan Amount

$200,000

Total Payments

$303,788

Total Interest

$103,788

Remaining Balance Payoff Trajectory

Principal reduction over the loan amortization term

Loan Balance

Loan Amortization Schedule

Breakdown of principal repayment, interest accumulation, and remaining loan balance.

Period	Starting Balance	Payment	Principal	Interest	Ending Balance
Yr 1	$200,000	$20,253	$8,483	$11,769	$191,517
Yr 2	$191,517	$20,253	$9,007	$11,246	$182,510
Yr 3	$182,510	$20,253	$9,562	$10,690	$172,948
Yr 4	$172,948	$20,253	$10,152	$10,101	$162,796
Yr 5	$162,796	$20,253	$10,778	$9,475	$152,018
Yr 6	$152,018	$20,253	$11,443	$8,810	$140,575
Yr 7	$140,575	$20,253	$12,149	$8,104	$128,427
Yr 8	$128,427	$20,253	$12,898	$7,355	$115,529
Yr 9	$115,529	$20,253	$13,693	$6,559	$101,836
Yr 10	$101,836	$20,253	$14,538	$5,715	$87,298
Yr 11	$87,298	$20,253	$15,435	$4,818	$71,863
Yr 12	$71,863	$20,253	$16,387	$3,866	$55,477
Yr 13	$55,477	$20,253	$17,397	$2,855	$38,080
Yr 14	$38,080	$20,253	$18,470	$1,782	$19,609
Yr 15	$19,609	$20,253	$19,609	$643	$0

Understanding How Loan Amortization Works

A loan is a contract where a borrower receives an upfront sum of money (the principal) from a lender and agrees to pay it back over time alongside interest charges. The standard fixed-rate amortization schedule ensures that your monthly payment remains constant while the proportion paying down principal versus interest changes every month.

Principal

The actual amount of money borrowed. Each payment chips away at the principal, reducing the remaining debt balance.

Interest

The lender fee for borrowing capital. Early monthly payments are interest-heavy, gradually shifting to principal repayment over time.

Compounding

How often interest is calculated. Most personal and consumer installment loans compound monthly.

Fixed Monthly Payment Formula

The periodic payment for an amortized loan is derived from the standard annuity equation:

P = (r × PV) / (1 - (1 + r)^-n)

P: Monthly payment
PV: Loan amount (Present Value)
r: Periodic monthly interest rate (Annual Rate ÷ 12)
n: Total number of monthly periods (Years × 12)

Understanding your calculation

Method, example and limitations

How the calculation works

A fixed-rate installment payment amortizes principal using a periodic interest rate and a specified number of payments. At zero interest, payment equals principal divided by payment count.

Example to check

Borrowing 12,000 over 12 monthly payments at zero interest gives 1,000 per month.

Before using the result

Origination fees, variable rates, payment dates and lender rounding can change the actual cost. Compare APR and the contract as well as the payment.

Calculation methodology · Report a result that needs review