Loan Calculator
Calculate fixed monthly loan payments, total interest costs, and full amortization schedules from loan amount, interest rate, and term.
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This loan calculator computes fixed monthly payments, total repayment amounts, and a complete amortization schedule based on your principal, annual interest rate, and term in years. Whether you are evaluating a personal loan, an auto financing offer, or a fixed-rate mortgage, the tool breaks down the exact cost of borrowing across every installment. Enter the total borrowed amount, the annual percentage rate, and the duration in years. The calculator accepts loan terms that resolve to whole monthly payments between 1 and 1,200 months (up to 100 years). A zero percent interest rate is supported for interest-free financing options. Every monetary figure rounds to two decimal places with standard half-up rounding. Once computed, the schedule displays the principal and interest portions of each monthly payment alongside the declining loan balance. The final payment row automatically reconciles to a remaining balance of zero, giving you a clear view of your amortization over time.
Instructions
- Enter the principal loan amount as a positive number.
- Enter the annual interest rate as a percentage, entering zero or a positive rate.
- Enter the loan term in years, ensuring the duration resolves to a whole number of months between 1 and 1,200.
- View your calculated monthly payment, total interest, total repayment, and complete amortization schedule.
Examples
- For a loan amount of $10,000 at an annual interest rate of 5.5% over 5 years, the monthly payment is $191.10 across 60 payments.
- For an interest-free loan of $100 at 0% annual interest over 1 year, the monthly payment divides evenly to yield $100 in total payments and $0.00 in total interest across 12 payments.
FAQ
Can I calculate payments for a zero-interest loan?
Yes. A zero percent interest rate is supported, dividing the principal evenly across the term without adding interest charges.
What loan terms are supported by the calculator?
The calculator accepts terms that resolve to a whole number of monthly payments between 1 month and 1,200 months (up to 100 years).
How are monthly payment amounts and remaining balances rounded?
All monetary calculations use half-up rounding to two decimal places, and the final payment row adjusts the remaining balance to exactly zero.
What happens if a negative number is entered?
The calculator requires a positive loan amount and a non-negative interest rate. Non-positive loan amounts or negative interest rates are rejected.