Example: Monthly payment 391.32. Change the values above to calculate your own.
About the Loan Calculator
Enter the amount borrowed, the yearly interest rate and the term to see what you'll pay each month. The schedule shows how much of each year's payments goes to interest versus paying down the balance.
How to use the Loan Calculator
- Enter your numbers (or keep the example).
- The result updates instantly as you type.
- Copy the result, or copy the link: it keeps your numbers so you can share them.
Repayment schedule: 20,000.00 at 6.5% over 5 years
| Year | Principal paid | Interest paid | Balance |
|---|---|---|---|
| Year 1 | 3,498.89 | 1,196.98 | 16,501.11 |
| Year 2 | 3,733.22 | 962.65 | 12,767.89 |
| Year 3 | 3,983.24 | 712.63 | 8,784.64 |
| Year 4 | 4,250.01 | 445.87 | 4,534.64 |
| Year 5 | 4,534.64 | 161.24 | 0.00 |
How it's calculated
Monthly payment = P × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where r is the monthly rate (annual ÷ 12) and n the number of months.
Features
- Instant resultsUpdates as you type.
- Shareable linkThe URL keeps your inputs.
- Reference tableCommon values on this page.
- Works offlineRuns in your browser.
Frequently asked questions
Is the Loan Calculator free?
Yes, the Loan Calculator is free with no sign-up, no limits and no ads covering the result.
Does it work on my phone?
Yes. It works in any modern browser on phones, tablets and computers, and keeps working offline once the page has loaded.
Last updated · Processing happens locally in your browser.