Loan Calculator
Enter the loan amount, the yearly interest rate and the term to see your payment, the total interest and a year-by-year breakdown.
Result
- Number of payments
- 360
- Total paid
- 431,676.38
- Total interest
- 231,676.38
- Interest is worked out on the remaining balance each period. Fees, insurance and taxes are not included, and a lender's own figure may differ slightly.
| Year | Principal paid | Interest paid | Balance left |
|---|---|---|---|
| 1 | 2,456.02 | 11,933.19 | 197,543.98 |
| 2 | 2,607.51 | 11,781.71 | 194,936.47 |
| 3 | 2,768.33 | 11,620.88 | 192,168.14 |
| 4 | 2,939.08 | 11,450.14 | 189,229.06 |
| 5 | 3,120.35 | 11,268.86 | 186,108.71 |
| 6 | 3,312.81 | 11,076.41 | 182,795.91 |
| 7 | 3,517.13 | 10,872.08 | 179,278.77 |
| 8 | 3,734.06 | 10,655.15 | 175,544.71 |
| 9 | 3,964.37 | 10,424.84 | 171,580.34 |
| 10 | 4,208.89 | 10,180.33 | 167,371.45 |
| 11 | 4,468.48 | 9,920.73 | 162,902.97 |
| 12 | 4,744.09 | 9,645.13 | 158,158.88 |
| 13 | 5,036.69 | 9,352.52 | 153,122.19 |
| 14 | 5,347.34 | 9,041.87 | 147,774.85 |
| 15 | 5,677.16 | 8,712.06 | 142,097.69 |
| 16 | 6,027.31 | 8,361.90 | 136,070.38 |
| 17 | 6,399.06 | 7,990.15 | 129,671.31 |
| 18 | 6,793.74 | 7,595.47 | 122,877.57 |
| 19 | 7,212.77 | 7,176.45 | 115,664.81 |
| 20 | 7,657.63 | 6,731.58 | 108,007.17 |
| 21 | 8,129.94 | 6,259.27 | 99,877.23 |
| 22 | 8,631.38 | 5,757.84 | 91,245.86 |
| 23 | 9,163.74 | 5,225.47 | 82,082.12 |
| 24 | 9,728.94 | 4,660.27 | 72,353.17 |
| 25 | 10,329.00 | 4,060.21 | 62,024.17 |
| 26 | 10,966.07 | 3,423.14 | 51,058.10 |
| 27 | 11,642.43 | 2,746.78 | 39,415.67 |
| 28 | 12,360.51 | 2,028.70 | 27,055.16 |
| 29 | 13,122.88 | 1,266.33 | 13,932.27 |
| 30 | 13,932.27 | 456.94 | 0.00 |
How to use Loan Calculator
- Enter the loan amount, the annual interest rate and the term in years.
- Choose how often you pay: monthly, every two weeks, weekly, quarterly or yearly.
- Read the payment, the number of payments, the total paid and the total interest.
- Use the table to see how much principal and interest you pay each year and what is left.
About this tool
A fixed-rate loan is repaid with equal payments. Each payment first covers the interest on the balance that is left, and whatever remains pays down the principal. Early on, most of each payment is interest, and over time the balance falls and more of each payment goes to principal.
The table shows this shift year by year. It is also why paying extra early in the term saves more interest than paying extra near the end.
This calculator assumes a constant interest rate and equal payments. It does not include fees, insurance, property tax or rate changes, and a lender's own schedule may round a little differently. For a variable-rate loan, treat the result as an estimate at today's rate.
These results are estimates from the numbers you enter. They are not financial, tax or legal advice, and they are not a quote from any lender or bank.
How it is calculated
Payment = P × r ÷ (1 − (1 + r)^−n), where P is the loan amount, r is the interest rate per payment and n is the number of payments.
If the interest rate is zero, the payment is simply the loan amount divided by the number of payments.
Worked examples
- A 200,000 loan at 6% over 30 years has a monthly payment of 1,199.10. Over the whole term you pay 431,676.38, of which 231,676.38 is interest.
- The same loan over 15 years costs 1,687.71 a month but only 103,788.46 in interest.
Tips for better results
- Compare terms. A longer term lowers the payment but raises the total interest.
- Run the calculator twice with different rates or terms and compare the total interest, not just the payment.
- Ask the lender for the annual percentage rate (APR) when comparing offers, because it includes fees.
Frequently asked questions
How is a loan payment calculated?
With the standard formula for a fixed-rate loan: the amount times the rate per period, divided by one minus the discount factor for the number of payments.
Why is most of my early payment interest?
Interest is charged on the balance. The balance is highest at the start, so interest is highest then.
Does this include fees or insurance?
No. It covers principal and interest only.
Can I use it for a mortgage or car loan?
Yes, for the principal and interest part of a fixed-rate mortgage or car loan.
Are my numbers saved or sent anywhere?
No. The calculation runs in your browser on your own device. Nothing you type is sent to Paul Digital or any other server.
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Privacy
The calculation runs in your browser on your own device. The numbers you type are not sent to Paul Digital or any other server. Results are estimates from the numbers you enter and are not financial, tax or legal advice.