Finance tool
Loan Calculator
Calculate monthly payments for any fixed-rate loan. See total interest, total cost, and a year-by-year amortization schedule. Works for auto loans, personal loans, and student loans.
Principal & Interest by Year
Each bar shows how much of your annual payment goes toward principal versus interest. Over time, more goes to principal and less to interest.
Estimated monthly payment
$500.95
Fixed monthly payment over 5 years.
Loan amount
$25,000
Total interest
$5,057
Total cost
$30,057
Loan summary
This is a planning estimate, not a lender quote. Actual terms may vary.
Amortization Schedule
Year-by-year breakdown of principal, interest, and remaining balance.
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $4,281.58 | $1,729.81 | $20,718.42 |
| 2 | $4,613.97 | $1,397.42 | $16,104.46 |
| 3 | $4,972.16 | $1,039.22 | $11,132.29 |
| 4 | $5,358.16 | $653.22 | $5,774.13 |
| 5 | $5,774.13 | $237.25 | $0.00 |
How the loan calculator works
This loan calculator uses the standard amortization formula to compute a fixed monthly payment from the loan amount, annual interest rate, and loan term in years. It then generates a year-by-year schedule showing how much of each annual payment goes toward principal versus interest, and what the remaining balance is at the end of each year.
The formula is: M = P × [r(1+r)^n] / [(1+r)^n - 1], where M is the monthly payment, P is the loan amount, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly payments (years × 12).
What types of loans can this calculator handle?
The calculator works for any fixed-rate, fixed-term loan with equal monthly payments. This includes auto loans, personal loans, student loans, and other installment loans. It does not account for variable rates, balloon payments, prepayments, or fees beyond the stated interest rate.
Understanding the amortization schedule
Early in the loan term, most of each payment goes toward interest. Over time, more goes toward principal. The table at the bottom of the calculator shows this shift year by year. You can use it to see how much interest you would pay by a given year, or to compare how different terms affect the interest-to-principal ratio.
Loan calculator vs. mortgage calculator
This calculator focuses on the core loan payment (principal + interest). For home loans that also include property tax, insurance, PMI, and HOA, use our mortgage calculator which estimates the full monthly housing payment. This loan calculator is better for auto loans, personal loans, student loans, and other simple installment loans.
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