MotionShine01 / Payment
The standard formula
Each month's payment is the same; early on more of it is interest, later more is principal.
Free tool
Loan calculator, payment and interest.
Type the loan amount or price, any down payment, the yearly interest rate you are offered and the term, and see the monthly payment, the total interest, what you pay in all and when the loan ends, with a year-by-year schedule of principal and interest. Works for car loans, personal loans and student loans with a fixed rate. Plain maths, not financial advice.
Type the rate you are offered; this page does not suggest rates.
Worked out in your browser. Nothing is sent anywhere.
Fixed-rate loans
Same payment, changing split.
02 / Schedule
Year by year
See how much of the loan you pay off each year and what is still owed.
03 / Compare
Rates and terms
A longer term lowers the payment but raises the total interest. Try both.
Questions
Good to know.
How is a monthly loan payment worked out?
Payment = amount × r ÷ (1 - (1 + r)^-n), where r is the monthly rate and n the number of months.
Does it include fees?
No. Add any fees to the amount if they are rolled into the loan.
What rate should I use?
The one your lender quotes. The calculator does not suggest rates.
Can I enter the term in months?
Yes. Pick Months next to Term.
Is this financial advice?
No. It is a calculator.