Loan Calculator — Monthly Payments & Amortization

Calculate your monthly loan payments, total interest, and full amortization schedule. See how extra payments can save you money — instantly in your currency with support for 170+ currencies.

Monthly Payment
—
Principal + Interest
Total Interest
—
Cost of borrowing
Total Payment
—
Principal + Interest
Payoff Date
—
With extra payments
Amortization Schedule
Gourav Mishra Gourav Mishra December 01, 2025

Why Understanding Your Loan Payments Matters

Taking out a loan is a major financial decision. Whether you're financing a home, a business, or a major purchase, understanding your monthly payments, total interest, and the full amortization schedule helps you make informed borrowing decisions.

This loan calculator shows you exactly how much you'll pay each month, how much interest you'll pay over the life of the loan, and how extra payments can save you money — all in your local currency.

Who Can Use This Loan Calculator

This loan payment calculator is designed for anyone considering borrowing money:

  • Home buyers – understanding mortgage payments
  • Car buyers – estimating auto loan payments
  • Students – planning student loan repayments
  • Business owners – evaluating business loan options
  • Financial planners – comparing loan scenarios
  • Anyone considering a loan – seeing the true cost of borrowing

This tool works for everyone — regardless of country or currency. With support for 170+ currencies, you can calculate in USD, EUR, GBP, INR, PKR, AED, SAR, CAD, AUD, SGD, MYR, PHP, TRY, ZAR, and many more.

How to Use This Loan Calculator

1 Select your currency – from 170+ global currencies.
2 Enter the loan amount – the total amount you plan to borrow.
3 Set your interest rate – the annual percentage rate (APR) on the loan.
4 Choose the loan term – how many years you have to repay the loan.
5 (Optional) Add extra payments – see how additional payments reduce interest and shorten the loan term.

The Loan Payment Formula

The loan payment formula calculates your monthly payment based on the loan amount, interest rate, and loan term:

PMT = P × (r × (1 + r)n) / ((1 + r)n − 1) Where: PMT = monthly payment, P = principal (loan amount), r = monthly interest rate, n = total number of months

For example, if you borrow $100,000 at 7% for 10 years, your monthly payment would be approximately $1,161 — and you'd pay $39,344 in total interest over the life of the loan.

What Is Amortization?

Amortization is the process of spreading out a loan into a series of fixed payments over time. Each payment covers both principal (the amount you borrowed) and interest (the cost of borrowing).

Early in the loan term, a larger portion of each payment goes toward interest. Over time, as the principal decreases, more of your payment goes toward the principal. This amortization calculator shows you the full schedule of how your loan balance decreases over time.

What Results Can You Expect from This Loan Calculator

📊 Monthly Payment

The fixed amount you'll pay each month — including both principal and interest.

💰 Total Interest

The total cost of borrowing — how much you'll pay in interest over the life of the loan.

📈 Total Payment

The total amount you'll pay over the life of the loan — principal + interest.

📋 Payoff Date

When the loan will be fully repaid — including savings from extra payments.

📋 Amortization Schedule

A complete breakdown of every payment, showing principal, interest, and remaining balance.

📊 Interactive Charts

Visual representations of how your loan balance decreases over time.

Example Scenarios

Scenario 1: $100,000 at 7% for 10 Years

  • Monthly Payment: $1,161
  • Total Interest: $39,344
  • Total Payment: $139,344

Scenario 2: ₹50,00,000 at 8% for 20 Years

  • Monthly Payment: ₹41,822
  • Total Interest: ₹50,37,280
  • Total Payment: ₹1,00,37,280

Scenario 3: $200,000 at 6% for 15 Years

  • Monthly Payment: $1,688
  • Total Interest: $103,840
  • Total Payment: $303,840

Fixed vs Variable Interest Rates — What's the Difference?

Rate TypeDescriptionBest For
Fixed Rate Interest rate stays the same for the entire loan term Stability and predictable payments
Variable Rate Interest rate can change based on market conditions Risk-tolerant borrowers expecting rates to fall

* This loan repayment calculator uses fixed‑rate calculations. For variable rates, use the fixed rate as an estimate or check with your lender.

Frequently Asked Questions About Loans

1. What is the difference between principal and interest?
Principal is the amount of money you borrow. Interest is the cost of borrowing that money. Your monthly payment covers both — principal reduces the loan balance, while interest is the fee charged by the lender.
2. How does making extra payments affect my loan?
Making extra payments reduces your principal faster, which means you pay less total interest and can pay off your loan early. This loan amortization calculator shows you exactly how much you can save.
3. What is an amortization schedule?
An amortization schedule is a complete breakdown of every payment over the life of the loan. It shows how much of each payment goes toward principal and interest, and what your remaining balance is after each payment.
4. How do I calculate my monthly loan payment?
Use the loan payment formula: PMT = P × (r × (1 + r)^n) / ((1 + r)^n − 1). Or simply use this loan calculator — it does the math for you instantly.
5. What's the difference between APR and interest rate?
The interest rate is the cost of borrowing principal. APR (Annual Percentage Rate) includes fees and other costs, giving you a more complete picture of the total cost of the loan.
6. How long should my loan term be?
A longer loan term means lower monthly payments but more total interest. A shorter term means higher monthly payments but less total interest. Use this loan payment calculator to compare different terms.
7. Can I use this calculator for any type of loan?
Yes. This loan amortization calculator works for any fixed‑rate loan — including mortgages, auto loans, personal loans, student loans, and business loans. Just enter the loan amount, rate, and term.