Loan Calculator
Monthly Payment
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Total Payment
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Total Interest
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1st Month Payment
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Last Month Payment
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Total Payment
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Total Interest
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| Month | Payment | Principal | Interest | Balance |
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How to Use
- Enter the loan amount
- Enter the annual interest rate (e.g. 5.5 for 5.5%)
- Enter the loan term and select months or years
- Choose a repayment method: Equal Installment (fixed payment) or Equal Principal (decreasing payment)
- Summary cards update instantly; expand the Amortization Schedule to see every monthly breakdown
Frequently Asked Questions
What is the difference between Equal Installment and Equal Principal?
Equal Installment (annuity): every monthly payment is the same — convenient for budgeting. Equal Principal: the principal repaid each month is fixed, so interest decreases over time, resulting in lower total interest but higher early payments.
Which method pays less total interest?
Equal Principal always pays less total interest because the outstanding balance shrinks faster. The savings can be significant for long-term, large loans.
Does this include fees or taxes?
No. This calculator covers principal and interest only. Fees and taxes vary by lender.
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