Loan Payment Calculator
Enter a loan amount, interest rate and term to see the monthly payment, the total interest you'll pay, and a year-by-year look at how the balance comes down.
How the monthly payment is worked out
A fixed-rate loan keeps the monthly payment the same the whole way through, but the split inside it shifts. Early on most of each payment is interest; later most of it goes to the principal. Borrow $300,000 at 6.5% over 30 years and the payment lands a little under $1,900 a month.
The rate you enter is the yearly rate, and the calculator turns it into a monthly rate behind the scenes. Try a shorter term, or add a little to the payment each month, and watch the total interest fall. To grow your money on the other side, see our finance calculators.
Common questions
What goes into a loan payment?
Each payment is part interest and part principal. The interest is charged on whatever you still owe, so as the balance falls the interest shrinks and more of the payment chips away at the principal.
Does a longer term reduce the payment?
Yes. Spreading the loan over more years lowers the monthly payment, but you pay more interest overall because the balance stays high for longer. A shorter term costs more each month and far less in total.
Why doesn't this exactly match my lender's figure?
It should be very close. Lenders use the same reducing-balance formula, but fees, insurance folded into the payment, or a different rounding rule can move the number a little. Always check against your lender's own schedule.