How to Calculate a Loan's Monthly Payment (With Amortization Schedule)
Published September 22, 2026 · 2 min read
Understanding what a loan will actually cost you means more than just knowing the monthly payment — it means seeing how much of each payment goes to interest versus principal over the life of the loan. This tool calculates both the summary and, optionally, a full month-by-month breakdown.
Try Loan CalculatorSteps
- 1
Open the Loan Calculator tool
Go to the loan calculator.
- 2
Enter the loan amount
Type the principal you're borrowing.
- 3
Enter the interest rate and term
Type the annual interest rate and the loan term in years.
- 4
Review the results
See the monthly payment, total paid, and total interest — and optionally the full amortization schedule.
Frequently asked questions
A month-by-month breakdown showing how much of each payment goes toward interest versus paying down the principal balance — early payments are mostly interest, and that shifts toward principal over the loan's term.
This calculates a standard fixed-rate loan with equal monthly payments; it doesn't model extra principal payments, origination fees, or variable rates, which would change the real-world numbers.
Using the standard amortization formula based on principal, monthly interest rate, and number of payments — the same math lenders use for a standard fixed-rate loan.
Because the calculation happens instantly, you can compare how different rates or terms affect your total interest before committing to an actual loan.