About the Loan Payment Calculator
This calculator works for common fixed-rate installment loans in the U.S., including auto loans, personal loans, student loans, and the principal-and-interest portion of a mortgage. Choose monthly, biweekly, or weekly payments to compare schedules.
The full amortization schedule shows every payment, so you can see how the interest portion shrinks and the principal portion grows over the life of the loan.
How It Works
The calculator divides your APR by the number of payments per year to get a periodic interest rate, multiplies the loan term by payments per year to get the number of payments, and then applies the standard amortization formula.
Each period, interest is charged on the remaining balance and the rest of the payment reduces principal. The final payment is adjusted by a few cents if needed so the balance ends at exactly $0.
Mortgage payments often also include property taxes, homeowners insurance, HOA dues, and mortgage insurance (PMI). Those are not included here.
Formula
- Mpayment per period
- Ploan amount (principal)
- rperiodic rate = APR ÷ payments per year
- ntotal number of payments = years × payments per year
Example
You borrow $25,000 for a car at 7.5% APR for 5 years with monthly payments.
Inputs
- Loan amount
- $25,000
- APR
- 7.50%
- Term
- 5 years (60 payments)
Results
- Monthly payment
- $500.95
- Total payments
- $30,056.92
- Total interest
- $5,056.92
Understanding Your Results
- Payment Amount: What you pay each period (month, two weeks, or week), covering principal and interest.
- Total Payments: The sum of every payment over the full term.
- Total Interest: The cost of borrowing: total payments minus the amount borrowed.
- Amortization Schedule: A payment-by-payment table showing principal, interest, and remaining balance.