Loan Calculator
Payment, Interest & Schedule
Calculate your monthly repayment, total interest paid, and full amortization schedule for any loan.
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Monthly Payment
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Principal
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Total Interest
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Total Repaid
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Principal
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Interest
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Total
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Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
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How is the monthly payment calculated?
The standard formula for a fixed-rate loan (annuity) is:
M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1]
M = monthly payment P = principal r = monthly rate n = total months
M = monthly payment P = principal r = monthly rate n = total months
The monthly interest rate r is the annual rate divided by 12. Each month, interest is charged on the remaining balance, so early payments are mostly interest while later payments are mostly principal — this is called amortization.