Loan calculator
Enter the loan amount, annual interest rate and term to see the exact monthly payment, the total interest you will pay, the payoff date and a complete amortization schedule.
Where each payment goes
Interest is front-loaded: early payments are mostly interest, later payments mostly principal.
Common questions
What is included in the monthly payment?
Only principal and interest on the loan itself. Property tax, home insurance, mortgage insurance, arrangement fees and other charges are separate and can change the real monthly cost.
Is the interest rate the same as APR?
No. The rate you enter is the nominal annual interest rate used for the amortization formula. APR also includes fees and charges, so it is usually higher. Ask the lender for the APR before comparing offers.
Why is most of my early payment interest?
Interest is charged on the remaining balance. At the start the balance is at its highest, so the interest portion is largest. As the balance falls, more of each payment reduces the principal.
Does an extra payment reduce the term?
With most fixed-rate loans, paying more than the scheduled amount reduces the balance faster and shortens the term. Check your contract for prepayment charges before doing so.
Which currencies can I use?
40+ currencies, including USD, EUR, GBP, PKR, INR, AED, SAR, BDT, IDR, MYR, TRY, ZAR, NGN and BRL. The result is formatted with the correct symbol and decimal places for that currency.