Loan Calculator
Calculate loan payments, interest rates, and repayment schedules for any loan type
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| Payment # | Payment | Principal | Interest | Balance |
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The official standards, guidelines, and research behind this calculator's methodology.
Loan Calculator FAQ
How is the monthly payment on an amortizing loan calculated?
Each payment covers the interest accrued that month plus a slice of principal. As the balance shrinks, the interest portion shrinks too, so later payments pay down principal faster. The calculator applies the standard amortization formula.
What is an amortization schedule?
It is a month by month table showing how each payment splits between interest and principal, plus the remaining balance. The schedule reveals exactly when your balance passes certain milestones.
How do extra payments shorten my loan?
Additional principal payments reduce the balance immediately, which cuts future interest and ends the loan earlier. The calculator shows the new payoff date and total interest saved.
What is the formula behind the monthly payment?
Payment = P × r(1+r)^n ÷ ((1+r)^n − 1), where P is principal, r is the monthly rate (annual ÷ 12), and n is the number of payments. It is the standard amortizing-loan annuity formula — every payment covers the month's interest plus enough principal to land the balance at exactly zero after n payments.
How is APR different from the interest rate?
The interest rate determines the payment math; APR folds in certain fees (origination, points, some closing costs) and expresses the total first-year cost of the loan as a rate. APR is the better comparison number between offers, while the interest rate is what your amortization schedule is built from.
Where do I see total interest over the life of the loan?
The calculator's totals row shows it directly: sum of all payments minus amount borrowed. For a quick check, multiply the payment by the term and subtract the principal — on long loans this single number is often the most persuasive argument for shorter terms or extra payments.
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