Free online loan calculator with equal monthly payment (amortizing) and equal principal methods. Enter amount, annual rate and term to get your monthly payment, total interest and repayment schedule
Switch between equal monthly payment (amortizing) and equal principal to compare payment patterns and total cost
See your monthly payment, total interest, total repayment and the interest share of the loan at a glance
Follow cumulative principal, cumulative interest and remaining balance year by year to understand how the loan is paid down
Change the amount, rate or term and results update immediately, making it easy to compare lenders, terms and rates
With equal principal, first and final month payments are shown so you can judge the early cash-flow impact
All calculations run in your browser - no data uploads, no sign-up, and your loan information stays on your device
Type the principal you plan to borrow in the loan amount field, for example 300000 for $300,000. Integers and decimals are supported.
Enter the annual rate quoted by your lender, such as 6.5 for 6.5%. The tool converts it to a monthly rate automatically.
Choose the loan term in years (for example 30) and select Equal Payment or Equal Principal. Switch methods to compare monthly amounts and total interest.
The result card shows your monthly payment, total interest and repayment totals; the schedule table tracks remaining balance by year. Click Copy Result to save or share the figures.
Estimate mortgage payments before house hunting and check that monthly costs fit your budget
Compare your current payment against a new rate or shorter term to see how much refinancing could save
Calculate car loan installments at different rates and terms so the total cost is clear before signing
Budget renovation or appliance loans by modeling monthly payments against your cash flow
Model consolidating several debts into one loan at a single rate to compare total interest and one monthly payment
Investors can subtract mortgage payments from expected rent to evaluate whether a property cash-flows
Equal payment (amortizing) keeps the monthly total constant: early payments are mostly interest, and principal picks up later. Equal principal repays a fixed slice of principal every month, so the balance and interest fall faster and total interest is lower, but early payments are higher. On $300,000 at 6.5% for 30 years, total interest is about $382,600 versus about $293,300 respectively.
The annual interest rate is the yearly cost of borrowing before fees. To build a payment schedule the tool converts it to a monthly rate by dividing by 12. APR (annual percentage rate) adds lender fees into an effective yearly rate and is the figure regulators use when comparing loans. The rate quoted by your lender is the number to enter here; actual terms always come from your loan contract.
Longer terms lower monthly payments but multiply the number of payments, increasing total interest. On $300,000 at 6.5%, the 15-year payment is about $2,613 with roughly $170,400 total interest, while the 30-year payment is about $1,896 with about $382,600 total interest - a difference of more than $200,000 in interest for the same loan.
Principal: the amount borrowed. Monthly payment: what you pay each month, including principal and interest. Interest: the cost of borrowing. Remaining balance: the unpaid principal after a given month or year. Interest share: total interest as a percentage of total repayment. Understanding these makes it easier to compare offers and to interpret an amortization schedule.