How does the loan calculator work?
Enter the amount you want to borrow, the term in years and the annual interest rate. You see the monthly payment and the total you will repay as you type. Every payment assumes a fixed rate and equal monthly installments.
What is an amortization schedule?
An amortization schedule splits each payment into principal and interest, month by month. Early payments go mostly toward interest. Later payments go mostly toward principal. The schedule above shows the balance after every payment, and you can copy it or download it as a CSV or Excel file.
Which loan calculator should I use?
The math is the same for any fixed-rate loan, so this one works for all of them. The calculators below start with typical amounts for each loan type and explain what to expect from that kind of lender.