Loan Payment Calculator
Estimate the monthly payment for any fixed-rate installment loan.
Your Details
Principal vs. Interest
Share of total amount paid over the loan term
- Principal$15.0K
- Interest$3.7K
Payment by Interest Rate
How your monthly payment changes with rate
Principal vs. Interest by Year
How your payments are split each year
Year-by-Year Schedule
Full breakdown of principal, interest, and balance
| Year | Principal | Interest | Balance |
|---|---|---|---|
| Year 1 | $2,487 | $1,249 | $12,513 |
| Year 2 | $2,721 | $1,016 | $9,792 |
| Year 3 | $2,976 | $760 | $6,816 |
| Year 4 | $3,255 | $481 | $3,561 |
| Year 5 | $3,561 | $176 | $0 |
How It Works
- Enter the loan amount you're financing.
- Enter the interest rate and loan term.
- Press Calculate to see your payment and full schedule.
- Use Reset any time to start over from the defaults.
Formula Used
P = loan amount, r = monthly interest rate, n = number of monthly payments.
Good to Know
- • A shorter term means a higher payment but less total interest.
- • Your actual rate depends on credit history and lender.
- • Paying extra toward principal shortens the payoff time.
Important Notes
- • Rates shown are for comparison, not a live quote.
- • Fees are not included in this estimate.
- • Consult a lender for a formal offer.
A General-Purpose Loan Calculator
This calculator works for any standard fixed-rate, fixed-term installment loan — the same amortizing-payment math applies whether it's a personal loan, an auto loan, or any other lump-sum loan repaid on a regular schedule. If your loan matches a more specific category, the dedicated calculators add relevant context on top of the same core math.
Reading Your Amortization Schedule
Early payments on any installment loan are weighted more toward interest, with the balance shifting toward principal as the loan matures — visible in the "Principal vs. Interest by Year" chart above. The full "Year-by-Year Schedule" table shows exactly how your balance declines each year of the loan.
Unpacking the Terminology
- Installment loan — a loan repaid in fixed, regular payments over a set term.
- Amortizing payment — a payment where the principal-to-interest mix shifts over time as the balance declines.
Example Breakdown: A Generic $15,000 Loan
M = 15,000 × 0.0075 ÷ (1 − 1.0075⁻⁶⁰) ≈ $311/month
Total interest over 5 years ≈ $3,675
This same formula applies whether the "loan" is labeled a personal loan, an auto loan, or any other fixed-rate installment product — the underlying math is identical, only the typical rate and term ranges differ by loan type.
Rate Comparison Table
$15,000 over 5 years:
| APR | Monthly Payment |
|---|---|
| 6% | $290 |
| 9% | $311 |
| 14% | $349 |
Watch For These Pitfalls With Installment Loans
- Not checking for prepayment penalties — uncommon but worth confirming before extra payments.
- Choosing the longest term without comparing total interest — lower payments always mean more interest at the same rate.