Loan Calculator
Enter the loan amount, interest rate and term to get your monthly payment, total interest and a full repayment schedule.
Monthly payment
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-Total interest
-Total repaid
Repayment schedule
| # | Payment | Principal | Interest | Balance |
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Repayment types compared
- Equal payments: you pay the same amount (principal + interest) every month. Early payments are mostly interest. This is how most mortgages work.
- Equal principal: the principal is split evenly and interest is charged on the remaining balance. Higher payments at first, but the lowest total interest.
- Interest-only: pay only interest each month and the whole principal at the end. The highest total interest.
This is a simple monthly calculation. Real loans may differ because of daily interest, fees, prepayment penalties and variable rates. Works with any currency.