This calculator assumes a fixed interest rate and regular payments over the entire term. For more complex scenarios, check your lender’s official amortization schedule.
Enter your loan details and select a payment frequency to see the estimated payment, total interest, payoff date, and an amortization schedule.
| # | Date | Payment | Principal | Interest | Balance |
|---|---|---|---|---|---|
| The first 12 payments of the amortization schedule will appear here after you calculate. | |||||
These numbers are estimates only and assume a fixed interest rate and no additional fees for the entire term. Real-world loans may include fees, changing interest rates, or different compounding rules. Always confirm terms with your lender before borrowing.
This tool uses the standard amortization formula for fixed-rate loans. After you enter the principal, annual interest rate, and repayment term, the calculator converts the interest rate and term into the frequency you choose (monthly, every two weeks, or weekly). It then solves for the constant payment that will reduce the balance to zero at the end of the term.
For each period, the payment is split into interest and principal. Interest is calculated on the outstanding balance. The rest of the payment goes toward principal and gradually lowers the balance, which is why interest becomes a smaller portion of the payment over time.
The optional extra payment field lets you see how paying a little more each period can shorten the loan and reduce total interest. The calculator assumes the extra amount is applied directly to principal with every scheduled payment. Many lenders allow this, but some use different rules. Always check your loan agreement or ask the lender how extra payments are applied.
If you are still deciding how much to borrow, you may find it useful to estimate your daily budget or track your time with the Focus Timer while you plan. For health and lifestyle goals, the BMI Calculator can help you understand how weight and height interact over the long term.
The principal is the amount you borrow. Interest is the cost you pay for using that money. With amortized loans, the payment amount stays the same, but the mix of principal and interest changes from one period to the next. Early payments are interest-heavy; later payments are mostly principal.
Many lenders quote an Annual Percentage Rate (APR), which folds certain mandatory fees into the advertised cost of borrowing. This calculator uses the nominal interest rate, not full APR. If your loan has large fees, the payment amount will still be correct, but the economic cost of the loan may be higher than the interest rate alone suggests.
Some loans compound interest monthly, others daily. For simplicity, this calculator assumes that interest is compounded at the same frequency as the payments. That matches many consumer installment loans and keeps the amortization schedule easy to interpret. For mortgages or other complex products, refer to the lender’s official documentation.
Online calculators are a planning tool, not a substitute for professional advice. Before signing any agreement, review the disclosure documents and confirm the payment schedule, interest rate, and fees directly with your lender or a qualified financial professional.