Loan payment calculator
Explore a fixed-rate monthly payment and inspect a cent-rounded amortization schedule.
How it works & useful details
Formula & assumptions
A fixed nominal annual interest rate is divided by 12. The annuity formula estimates equal monthly payments; monthly interest is then rounded to cents on the remaining principal. The final payment clears the balance and may differ. This is a monthly model, not a lender quote or APR calculation. It excludes fees, daily accrual, dates, insurance, tax and extra payments. Principal must be positive; terms are 1–600 months. Inputs that cannot amortize at cent precision are rejected.
Local planning workspace
These tools are planning aids, not financial, tax or legal advice. Values stay in this page. Nothing is sent, saved to your records or fetched from external services.
USD, EUR, GBP, CAD and AUD are labels with two decimal places. There is no currency conversion. Enter decimals with a dot and no commas. Money inputs are limited to 1 billion units; calculated amounts to 10 trillion. Rates are supplied by you, with up to four decimal places.
About this tool
Loan payment calculator estimates a fixed-rate monthly payment and builds a cent-rounded amortization schedule you can download. It is useful for comparing loan offers, checking a repayment plan, or sanity-checking a figure from a lender.
The schedule shows how each payment splits between interest and principal, and how the remaining balance falls over time. All of it is computed locally from the numbers you enter; no rate or offer is fetched.
How to use it
- Enter the loan amount, annual interest rate, and term.
- Review the monthly payment and the total interest for the term.
- Inspect the amortization table to see the interest and principal split.
- Export the schedule for your records or comparison.
Worked example
Borrowing 10,000 at a nominal 6% annual rate over 36 months:
- Monthly rate: 6% ÷ 12 = 0.5%.
- Regular payment: 10,000 × 0.005 ÷ (1 − 1.005^−36) = 304.22.
- Final payment: 304.18. Monthly interest is rounded to cents, so the last payment clears the exact remaining balance.
- Total interest: 951.88. Total paid: 10,951.88.
The amortization schedule shows how each payment splits between interest and principal. Early payments are mostly interest, because interest is charged on a larger balance. By the end, almost the entire payment reduces the principal.
Nominal rate vs. APR
The calculator uses a nominal annual rate divided by twelve. A lender's quoted APR may also include fees, and some loans accrue interest daily or have different payment dates. Real schedules can differ by a few cents or more, so treat the result as a planning estimate for comparing terms, not as a lender's quote.
Comparing terms is where the schedule helps most. For the same 10,000 at 6%, a 60-month term lowers the monthly payment but raises total interest from 951.88 to 1,599.68. Change the term and compare the total interest line.
Frequently asked questions
How are rounding and the final payment handled?
Payments are rounded to the cent, and the schedule is adjusted so the balance reaches exactly zero at the end of the term.
Does it support variable rates or extra repayments?
No. The model is a single fixed rate with equal payments; it does not simulate rate changes or overpayments.
Is this financial advice?
No. It is a planning estimate based on your inputs, and lenders may calculate payments differently.
What happens at a 0% rate?
The payment is simply the principal divided by the number of months, with any remaining cents cleared by the final payment.