Calculate your monthly loan payments, total interest, and view a complete amortization schedule. Perfect for planning car loans, personal loans, or any fixed-rate borrowing.
$
Monthly Payment
$188.71
Total Interest
$1,322.74
Total Payment
$11,322.74
| Month | Payment | Principal | Interest | Remaining Balance |
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Find answers to common questions about Online Calculator.
Loan payments are calculated using the formula: P = [rP] / [1 - (1 + r)^-n]. Try our loan payment calculator.
A Loan Payment Calculator helps you estimate the monthly payments for a loan based on the principal amount, interest rate, and loan term.
Enter the loan amount, annual interest rate, and loan term in years. The calculator will determine your monthly payment amount.
The calculator uses the standard loan payment formula: M = P[r(1+r)^n] / [(1+r)^n - 1], where:
M = Monthly paymentP = Principal loan amountr = Monthly interest rate (annual rate / 12)n = Total number of payments (loan term * 12)No, this calculator only estimates loan payments based on principal and interest. Property taxes, insurance, and other fees are not included.
Yes, you can estimate the impact of making extra payments by reducing the loan term or calculating savings in interest payments.
A fixed interest rate remains constant throughout the loan term, while a variable rate may change based on market conditions, affecting monthly payments.
Making additional payments can reduce the principal balance faster, lower the total interest paid, and shorten the loan term.
Yes, this calculator works for various types of loans, including auto loans, mortgages, and personal loans.
Most loans use amortization, where early payments cover more interest, and later payments contribute more toward the principal balance.
No, this calculator assumes principal and interest payments. Interest-only loans require a different formula.
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