Money and planning
Estimate monthly payments for a fixed-rate loan. Review the monthly repayment schedule or download it as a CSV for your spreadsheet.
Estimated regular monthly payment
Enter the loan amount, annual interest rate, and term, then select Calculate.
Includes the loan inputs, every monthly payment, and totals. The file is created in your browser.
| Month | Opening balance | Payment | Principal repaid | Interest | Closing balance |
|---|---|---|---|---|---|
| Totals | — | 0.00 |
Scroll sideways to see every column. Month numbers stay in view.
Calculations run in your browser. Successful estimates appear in this tab's Recent calculations.
How much does a longer term change the payment and interest? This hypothetical comparison keeps the loan amount at 10,000.00 and the fixed nominal annual rate at 6%. Only the term changes. Both schedules use this calculator's monthly cent rounding, with no fees or extra payments.
| Repayment measure | 36 months | 60 months |
|---|---|---|
| Regular monthly payment | 304.22 | 193.33 |
| Adjusted final payment | 304.18 | 193.21 |
| Total interest | 951.88 | 1,599.68 |
| Total paid | 10,951.88 | 11,599.68 |
304.22 − 193.33 = 110.89 less per regular payment
The 60-month term lowers the regular payment by 110.89, but repayments continue for 24 more months. Total interest increases by 647.80, from 951.88 to 1,599.68.
Read the monthly amount and total interest together. This comparison describes the two schedules; it does not determine which term fits your budget.
10,000 × (6 ÷ 1,200) = 50.00 interest
Both schedules start with 50.00 interest in month one. The 36-month payment repays 254.22 of principal; the 60-month payment repays 143.33. The smaller payment leaves more of the balance outstanding.
Open the amortization schedule to follow the principal, interest, and remaining balance month by month.
Select Try an example to calculate the 36-month case, then download the CSV. Change only the term to 60, calculate again, and download the second schedule. Each file includes its inputs and totals.
Use the displayed Total paid or the CSV totals. Multiplying the regular payment by the term misses the adjusted final payment. These are modeled schedules, not lender quotes or APR comparisons.
Let P be the starting principal, r the monthly interest rate as a decimal, and n the number of months. For a positive interest rate, the unrounded regular payment is:
Payment = P × r ÷ [1 − (1 + r)−n]
Here, r = entered annual percentage ÷ 1,200. At 0% interest, the payment is P ÷ n. This formula assumes a fixed rate and the first payment one month after the loan begins, followed by payments at the end of each monthly period.
The formula and schedule use exact integer fractions before rounding; no binary floating-point approximation is used for money or interest. The principal portions add up exactly to the starting loan amount, total paid equals principal plus total interest, and the final balance is 0.00.
Rounding can matter for unusual inputs. A very small payment may round to 0.00, leaving the balance for the final month. With a high rate and long term, the rounded regular payment may only cover interest, creating a much larger final payment. The result flags these cases. This model does not add unpaid interest to the balance.
The entered loan amount must be positive, with up to 15 integer digits and 2 decimal digits. The nominal annual rate accepts 0–100%, with up to 10 decimal digits. Both fields accept correctly grouped thousands commas and at most 64 characters. Enter a whole-number term from 1 to 600 months without commas. Currency symbols, percent signs, expressions, and scientific notation are not accepted.
These are estimates under the stated monthly rounding policy. Fees, taxes, insurance, daily accrual, changing rates, and extra, missed, or early payments are outside this calculator's scope. It does not calculate APR or compare loan offers.
References: OpenStax — Loan Amortization explains the payment formula and monthly periods. The CFPB explanation of interest rate and APR describes how APR also includes certain borrowing fees.
Enter the fixed nominal annual interest rate. This calculator divides it by 12 to obtain the monthly percentage rate. APR can include fees and is not the same input. Fees are not calculated here.
The regular payment and each month's interest are rounded to cents. Small differences accumulate in the remaining balance, so the final payment is adjusted to clear it. The totals shown are sums of the actual rounded schedule, not simply the regular payment multiplied by the original term.
Yes. The starting payment is the loan amount divided by the number of months, rounded to cents. For 1,000 over 3 months at 0%, the payments are 333.33, 333.33, and 333.34.
For small amounts, rounding the regular payment up can clear the balance early. If the regular payment rounds to zero, or only covers the rounded interest, the remaining principal is collected in the last month. These cases are identified in the result and visible in the schedule.
Use one currency with two decimal places throughout. Here, one cent means 0.01 of that currency. There is no currency conversion, and currencies using different payment increments are outside this model.
It will match only if the lender uses the same monthly rate, timing, rounding, and final-payment policy. Daily interest, irregular first periods, fees, and payment changes can produce different amounts. Use the lender's repayment schedule for the actual amounts due.