Loan Calculator
Amortization schedules for loans
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About this tool
Enter the loan principal, annual rate, and term to see how much you repay each month. With equal payments, the amount you pay (principal plus interest) stays the same for the whole term. With equal principal, you repay the same principal chunk every month and interest applies only to the remaining balance, so payments start high and shrink over time. The result shows the payment amount, total interest, and total repayment.
How to use
- Enter the loan amount.
- Enter the annual rate (%) and the term in years.
- Choose equal payments or equal principal.
- Check the monthly (or first/last) payment, total interest, and total repayment.
Frequently asked questions
- What is the difference between equal payments and equal principal?
- With equal payments, the amount you pay every month stays identical for the whole loan term. With equal principal, you pay down the same amount of principal each month and interest is charged only on the remaining balance, so early payments are larger and later ones are smaller.
- Which method pays less interest overall?
- Equal principal does, because the balance shrinks faster, which shrinks the base that interest is charged on. Equal payments are easier to budget for if your income does not vary, even though total interest is higher.
- Does this include prepayment fees or a grace period?
- No. This is a simple calculation assuming a fixed rate. Prepayment fees, variable rates, and grace periods are not reflected. Check with your bank for the actual terms of a loan product.
- Is the loan amount I enter sent to a server?
- No. Everything is calculated in your browser and your input never leaves the page.
This is a simple calculation assuming a fixed rate and may differ from actual loan products. Prepayment fees, variable rates, and grace periods are not reflected, so confirm the exact repayment plan with a financial institution.