Finance
Instant, private, and free
Loan Calculator.
Calculate loan payments and total interest
Set your values
Results update as you type.
Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $198.01 | $139.68 | $58.33 | $9,860.32 |
| 2 | $198.01 | $140.49 | $57.52 | $9,719.83 |
| 3 | $198.01 | $141.31 | $56.70 | $9,578.51 |
| 4 | $198.01 | $142.14 | $55.87 | $9,436.38 |
| 5 | $198.01 | $142.97 | $55.05 | $9,293.41 |
| 6 | $198.01 | $143.80 | $54.21 | $9,149.61 |
| 7 | $198.01 | $144.64 | $53.37 | $9,004.97 |
| 8 | $198.01 | $145.48 | $52.53 | $8,859.49 |
| 9 | $198.01 | $146.33 | $51.68 | $8,713.16 |
| 10 | $198.01 | $147.19 | $50.83 | $8,565.97 |
| 11 | $198.01 | $148.04 | $49.97 | $8,417.93 |
| 12 | $198.01 | $148.91 | $49.10 | $8,269.02 |
| 13 | $198.01 | $149.78 | $48.24 | $8,119.24 |
| 14 | $198.01 | $150.65 | $47.36 | $7,968.59 |
| 15 | $198.01 | $151.53 | $46.48 | $7,817.07 |
| 16 | $198.01 | $152.41 | $45.60 | $7,664.65 |
| 17 | $198.01 | $153.30 | $44.71 | $7,511.35 |
| 18 | $198.01 | $154.20 | $43.82 | $7,357.16 |
| 19 | $198.01 | $155.10 | $42.92 | $7,202.06 |
| 20 | $198.01 | $156.00 | $42.01 | $7,046.06 |
| 21 | $198.01 | $156.91 | $41.10 | $6,889.15 |
| 22 | $198.01 | $157.83 | $40.19 | $6,731.33 |
| 23 | $198.01 | $158.75 | $39.27 | $6,572.58 |
| 24 | $198.01 | $159.67 | $38.34 | $6,412.91 |
FAQs
How is the monthly payment calculated?
Using the standard amortization formula based on principal, interest rate, and term. At 0% rate, it is principal divided by months.
What is an amortization schedule?
A month-by-month breakdown showing interest and principal portions of each payment and the remaining balance.
Cite this calculator
Canonical URL: https://mathify.one/en/finance/loan
Cite as: Mathify. (2026). Loan Calculator. https://mathify.one/en/finance/loan
Use Cases
Budgeting for a new car purchase
Determine what monthly payment fits your budget before visiting a dealership. Adjust the loan amount, interest rate, and term to see how they affect your payment.
Example: A $25,000 car loan at 5% for 60 months results in a monthly payment of about $471.78.
Comparing loan offers
Evaluate different loan scenarios side by side to see which one offers the lowest total interest and most affordable monthly payment.
Example: Compare a 48-month vs. 60-month loan to see the trade-off between lower monthly payments and higher total interest.
Frequently Asked Questions
- How does the loan calculator work?
- You input your loan amount, interest rate, and loan term. The calculator then computes your monthly payment and the total interest you'll pay over the life of the loan, helping you see the full cost.
- What is the formula used for calculating payments?
- The calculator uses the standard amortization formula: M = P[r(1+r)^n] / [(1+r)^n – 1], where M is the monthly payment, P is the principal, r is the monthly interest rate (annual rate divided by 12), and n is the number of payments (term in years times 12).
- Can I use this calculator for any type of loan?
- Yes, you can use it for auto loans, personal loans, student loans, or mortgages, as long as they have a fixed interest rate and a set term. For adjustable-rate loans, the estimate may not be accurate.
Tips & Common Mistakes
Tips
- Always enter the annual interest rate as a percentage, not a decimal. For example, 5% should be entered as 5, not 0.05.
- Use the loan term in years, not months, unless the calculator specifies otherwise. For a 5-year loan, enter 5.
- Consider making extra payments to reduce total interest, but check with your lender for prepayment penalties.
- Remember that this calculator provides an estimate; actual payments may vary due to fees, taxes, or insurance.
Common Mistakes to Avoid
- Forgetting to convert the interest rate to a monthly rate if the calculator requires it. Always read the input instructions.
- Entering the loan term in months instead of years, which can drastically overestimate the monthly payment.
- Ignoring additional costs like property taxes, insurance, or fees that are not included in the loan amount.
Last updated: August 13, 2026