Money
Loan payment calculator
Find the fixed monthly payment on a loan, then see the interest you would pay over the full term. Add an extra amount if you want to test an early payoff.
- Principal$200,000.00
- Interest$231,676.38
Amortization schedule by year
| Year | Principal | Interest | Ending balance |
|---|---|---|---|
| 1 | $2,456.01 | $11,933.19 | $197,543.99 |
| 2 | $2,607.49 | $11,781.71 | $194,936.50 |
| 3 | $2,768.30 | $11,620.90 | $192,168.20 |
| 4 | $2,939.07 | $11,450.13 | $189,229.13 |
| 5 | $3,120.33 | $11,268.87 | $186,108.80 |
| 6 | $3,312.80 | $11,076.40 | $182,796.00 |
| 7 | $3,517.13 | $10,872.07 | $179,278.87 |
| 8 | $3,734.06 | $10,655.14 | $175,544.81 |
| 9 | $3,964.35 | $10,424.85 | $171,580.46 |
| 10 | $4,208.86 | $10,180.34 | $167,371.60 |
| 11 | $4,468.45 | $9,920.75 | $162,903.15 |
| 12 | $4,744.06 | $9,645.14 | $158,159.09 |
| 13 | $5,036.67 | $9,352.53 | $153,122.42 |
| 14 | $5,347.31 | $9,041.89 | $147,775.11 |
| 15 | $5,677.13 | $8,712.07 | $142,097.98 |
| 16 | $6,027.29 | $8,361.91 | $136,070.69 |
| 17 | $6,399.04 | $7,990.16 | $129,671.65 |
| 18 | $6,793.71 | $7,595.49 | $122,877.94 |
| 19 | $7,212.70 | $7,176.50 | $115,665.24 |
| 20 | $7,657.58 | $6,731.62 | $108,007.66 |
| 21 | $8,129.90 | $6,259.30 | $99,877.76 |
| 22 | $8,631.33 | $5,757.87 | $91,246.43 |
| 23 | $9,163.70 | $5,225.50 | $82,082.73 |
| 24 | $9,728.89 | $4,660.31 | $72,353.84 |
| 25 | $10,328.94 | $4,060.26 | $62,024.90 |
| 26 | $10,966.02 | $3,423.18 | $51,058.88 |
| 27 | $11,642.38 | $2,746.82 | $39,416.50 |
| 28 | $12,360.46 | $2,028.74 | $27,056.04 |
| 29 | $13,122.81 | $1,266.39 | $13,933.23 |
| 30 | $13,933.23 | $457.01 | $0.00 |
What this means
- The required payment is $1,199.10 each month on a $200,000.00 loan at 6.00%.
- Interest adds $231,676.38, which is 115.8% of the amount borrowed.
- Fees, taxes, and insurance are not included. A lender quote can be higher.
What if
About this calculator
What this calculator does
It estimates the fixed monthly payment on a loan that is paid down to zero. It fits a personal loan, an auto loan, or a basic fixed-rate mortgage before taxes and insurance.
How it is calculated
The monthly rate r is the annual rate divided by 12. With principal P and n monthly payments, the payment is:
M = P * r * (1 + r)^n / ((1 + r)^n - 1)
If the rate is 0, the payment is P / n. Total paid is M times n, using the unrounded payment, then rounded to the cent. Total interest is total paid minus principal. An extra payment is applied in a month-by-month loop: add that month's interest, then subtract the regular payment plus the extra amount.
How to read the result
The large number is the scheduled payment. Total interest is the cost of borrowing. A shorter term usually raises the monthly payment and lowers the interest paid over the life of the loan.
Assumptions and limits
The rate and the required payment stay fixed. Fees, taxes, insurance, and extra lender charges are not included. This is an educational estimate, not financial, tax, or lending advice.
Sources and method
Standard fixed-rate amortization: M = P * r * (1 + r)^n / ((1 + r)^n - 1) with r as the annual rate / 12. Totals use the unrounded payment, then round to the cent. Unit tests check published worked examples.
Questions
Does this include taxes and insurance?
No. The payment is principal and interest only. Housing taxes and insurance are in the mortgage affordability calculator.
What happens at 0% interest?
The payment is the loan amount divided by the number of months. Total interest is zero.
Why does a shorter term raise the payment?
You repay the same principal in fewer months, so each payment is larger. You usually pay less interest overall.
How does the extra payment work?
It is added to the required payment every month. The calculator walks the balance forward until it reaches zero and reports the shorter payoff.
Is this a lender quote?
No. It is an educational estimate. A lender may round differently and may add fees.