Loan Calculator
Calculate monthly payments and total cost for any fixed-rate loan.
$
%
Monthly payment
$366
Total interest
$2,577
Total cost
$17,577
Principal vs. interest
Yearly amortization
| Year | Principal Paid | Interest Paid | Balance |
|---|---|---|---|
| 1 | $3,314 | $1,080 | $11,686 |
| 2 | $3,589 | $805 | $8,097 |
| 3 | $3,887 | $507 | $4,210 |
| 4 | $4,210 | $185 | $0 |
Formula
Payment = [P × r × (1+r)^n] / [(1+r)^n − 1]
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Frequently Asked Questions
What types of loans can I use this calculator for?
This calculator works for any fixed-rate, fixed-term amortized loan, such as personal loans, student loans, or other installment loans, as long as you know the loan amount, rate, and term.