Monthly payments, total interest and full amortization schedule.
Before signing up for a mortgage, car loan, or personal loan, it helps enormously to see the real numbers first ā not just the monthly payment, but how much of that payment goes toward interest versus paying down the actual balance, and how that mix shifts over time.
This calculator uses the standard amortization formula banks use to compute fixed monthly payments, then generates a full payment-by-payment schedule so you can see exactly how your balance decreases over the life of the loan.
What is amortization?
It's the process of paying off a loan through regular fixed payments, where each payment is split between interest owed and principal repaid. Early payments are mostly interest; later payments are mostly principal.
Does this account for extra payments?
Not automatically. To see the effect of an extra payment, you can rerun the calculation with a reduced starting principal to estimate the new schedule.
Does it work for 0% interest loans?
Yes ā with a 0% rate, the monthly payment is simply the loan amount divided by the number of payments, and the schedule shows no interest portion at all.
Is this calculator for fixed-rate or variable-rate loans?
It assumes a fixed interest rate for the entire term. Variable-rate loans would need to be recalculated whenever the rate changes.