Loan calculator
Estimate the fixed monthly payment for a mortgage, car loan or personal loan and see how much interest you pay over the full term.
How it works
Monthly payment M = P × i ÷ (1 − (1 + i)^−n), where P is the loan amount, i the monthly interest rate (annual rate ÷ 12) and n the number of monthly payments.
The schedule shows how much principal and interest you repay each year; early payments are mostly interest.
Frequently asked questions
How is a monthly loan payment calculated?
With the annuity formula, which spreads principal and interest into equal monthly payments over the term.
How can I pay less interest?
A lower rate, a shorter term or extra repayments of principal all reduce the total interest.