Fixed-rate loan
Finance calculator
Loan Calculator
Estimate fixed loan payments, total interest, total cost, payoff time, and amortization schedule. Add extra payments to see how much interest and time you can save.
Balance over time
Payment breakdown
The loan payment is calculated from principal, periodic interest rate, and number of payments.
Amortization schedule
| Payment | Payment amount | Principal | Interest | Balance |
|---|
The preview shows up to the first 72 payments. Calculations are estimates and do not include fees, insurance, taxes, or variable-rate changes.
Loan payment formula
| Term | Formula / meaning |
|---|---|
| Payment | P x r / (1 - (1 + r)^-n) |
| P | Loan principal or amount borrowed. |
| r | Periodic interest rate, usually APR divided by payment periods per year. |
| n | Total number of payments. |
| Total interest | Total paid minus original loan principal. |
Example
A $10,000 loan at 6.5% APR for 5 years with monthly payments has an estimated payment of about $195.66. Total payments are about $11,739.48, so total interest is about $1,739.48.
FAQ
What is amortization?
Amortization is the process of paying down a loan over time. Each payment includes interest and principal, and the principal portion usually grows as the balance falls.
Why does extra payment save interest?
Extra payment reduces the balance earlier, so less interest accrues in later periods.
Is this an APR calculator?
No. This estimates fixed payments from an APR-style annual rate. It does not include lender fees, insurance, taxes, or regulatory APR adjustments.