Borrowing basics
See the payment and the full cost of a loan.
Estimate a fixed monthly payment, separate principal from interest, and see how the balance changes over time.
Estimated payment
Enter the loan terms to calculate.
Estimated payment
Monthly principal and interest
Budgeted monthly total
Total interest
Principal + interest
Number of payments
First payment
interest and principal
Year-end amortization
Earlier payments generally contain more interest because the unpaid balance is larger.
| Year | Payments made | Interest paid | Balance |
|---|---|---|---|
What amortization means
A fixed payment can stay the same while its makeup changes. Interest is calculated on the remaining balance, so more of later payments goes toward principal.
Term changes total cost
A longer term can lower the monthly payment but usually increases total interest because the balance remains outstanding longer.
APR and rate may differ
APR can include certain finance charges. This calculator treats the entered rate as a fixed interest rate and does not convert fees into an APR.
The Consumer Financial Protection Bureau explains amortization as payments being divided between principal and interest, with more interest generally paid early in the term.
This estimate assumes a fixed-rate, fully amortizing loan with equal monthly payments. It excludes origination charges, changing rates, balloon payments, prepayment penalties, taxes, insurance, and lender-specific rounding. Review the lender’s written disclosures before making a borrowing decision.
Keep calculating
Related tools
Money
Debt Payoff Calculator
Estimate a payoff date, total interest, and how much time an extra monthly payment could save.
Money
Simple and Compound Interest
Compare simple and compound interest, effective annual yield, and year-by-year balances.
Money
Savings Goal Calculator
Calculate a monthly savings target or estimate when regular contributions could reach a goal.