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Calculators & Converters

Loan Calculator

Estimate the payment on a fixed-rate loan from the amount borrowed, a nominal annual interest rate, and a term in months. See how each payment changes the balance.

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Fixed-rate, equal monthly payments at month end. Annual nominal interest ÷ 12; no fees, taxes, insurance, or changing rates. This is a mathematical scenario.

USD 386.66Monthly principal + interest
USD 3,199.36Total interest
USD 23,199.36Total repaid

A term 12 months shorter would require USD 469.70 per month under the same rate.

Balance trend from USD 20,000.00 to USD 0.00 over 60 periodsStartPeriod 60
Balance by period. The schedule provides exact period values.

Monthly schedule

Calculated at full precision; displayed amounts are rounded. CSV includes every period with six decimal places.

All amounts in USD
MonthOpeningInterest / growthPaymentClosing
1USD 20,000.00USD 100.00USD 386.66USD 19,713.34
2USD 19,713.34USD 98.57USD 386.66USD 19,425.25
3USD 19,425.25USD 97.13USD 386.66USD 19,135.72
4USD 19,135.72USD 95.68USD 386.66USD 18,844.75
5USD 18,844.75USD 94.22USD 386.66USD 18,552.32
6USD 18,552.32USD 92.76USD 386.66USD 18,258.42
7USD 18,258.42USD 91.29USD 386.66USD 17,963.06
8USD 17,963.06USD 89.82USD 386.66USD 17,666.22
9USD 17,666.22USD 88.33USD 386.66USD 17,367.89
10USD 17,367.89USD 86.84USD 386.66USD 17,068.07
11USD 17,068.07USD 85.34USD 386.66USD 16,766.76
12USD 16,766.76USD 83.83USD 386.66USD 16,463.94

Your inputs and calculations stay in this browser. No live financial data is fetched; amounts use your selected USD or GBP labels.

GET STARTED

How to use the Loan Calculator

  1. 01

    Enter the principal actually borrowed, excluding charges you will pay separately.

  2. 02

    Enter a fixed nominal annual interest rate and a whole number of monthly payments.

  3. 03

    Choose USD or GBP labels, inspect total cost, and copy or download the schedule.

Examples

A zero-interest loan

Borrowing 12,000 for 24 months at 0% requires 500 per month. Total interest is zero and total repayment is 12,000 in the selected currency.

A single monthly payment

A 1,000 principal at 12% nominal annual interest over one month has 10 interest and a final payment of 1,010.

How the payment is calculated

The monthly rate is the annual percentage divided by 1,200. For principal P, monthly rate r, and n payments, payment = P × r ÷ [1 − (1 + r)^−n]. At a zero rate, payment is simply P ÷ n. Interest is added before the payment each month.

Reading principal and interest

The opening balance generates that month’s interest. The part of the payment above interest reduces principal. Early payments usually contain more interest because the balance is larger. The downloadable closing balances let you check progress over the whole term.

Comparing terms

The shorter-term comparison holds principal and rate constant and removes 12 payments from the term. It shows the monthly cash-flow tradeoff, without assuming refinancing is available. Compare scenarios using the same currency and rate convention.

What to know

  • Fixed interest only; no daily accrual, variable rates, balloon payments, fees, taxes, or insurance.
  • Terms are limited to 1–1,200 monthly payments. Results are scenarios, not offers or personal financial advice.

Common questions

Is the rate the same as a disclosed APR?

Use the contractual interest rate for this monthly model. A disclosed APR can incorporate fees or other conventions, so it may not reproduce a lender’s actual payment.

Why might the last payment differ by cents?

The calculator retains full precision and caps the final payment at the amount due. A lender may round interest or payments every month, creating a small difference.

Does selecting GBP convert the amount?

No. It changes the currency label only. Enter all amounts in one currency; no exchange rate is fetched.

Sources & references