Before you sign for a mortgage, car loan or personal loan, you need to know exactly what you will pay each month and how much the loan costs in total. This calculator gives you the answer instantly from the amount, rate and term.
It uses the standard bank method (a fixed monthly payment) and shows a yearly schedule of how much of your payments goes to principal and to interest, with the remaining balance at the end of each year.
How to use it
- Enter the loan amount and any down payment.
- Enter the annual interest rate quoted by the lender.
- Choose the term in years or months and the first payment date.
- Read the monthly payment and total interest, and open the schedule for details.
Features
- Instant monthly payment, total interest and total repaid.
- Yearly amortization table with principal, interest and balance.
- Down payment deducted automatically.
- Last payment date calculated from your start date.
- Your last inputs are remembered in your browser.
Tip: Compare two offers by changing only the term: a longer term lowers the payment but greatly increases the total interest. Pick the shortest term your budget can handle.
Privacy
The tool runs in your browser and your data is not sent to our servers. Free, with no sign-up.