| Total of 180 Payments | |
| Total Interest |
| Year | Interest | Principal | Balance |
|---|
| Total of 0 Payments | |
| Total Interest |
| Year | Interest | Principal | Balance |
|---|
This calculator works both directions: enter a loan amount, term, and rate to find your monthly payment — or enter the monthly payment you can afford to find the maximum loan amount that fits your budget.
Example: a $200,000 loan over 15 years at 6% gives you the exact fixed monthly payment required to pay it off on schedule.
A payment calculator finds your monthly loan payment based on loan amount, interest rate, and term — or works in reverse to show how large a loan you can afford given a specific monthly payment.
Fixed payment loans have the same payment every month. Variable payment loans can change based on interest rate adjustments. Fixed payments are easier to budget for and more common for personal and home loans.
A longer loan term means lower monthly payments but substantially more total interest. Always compare total cost, not just the monthly figure.
Each payment is split between interest and principal. In early months, most goes to interest. Over time, more goes toward the principal until the loan is fully repaid.
It finds your monthly loan payment based on loan amount, interest rate, and term, or works in reverse to show how large a loan you can afford given a specific monthly payment.
Fixed payment loans have the same payment every month. Variable payment loans can change based on interest rate adjustments. Fixed payments are easier to budget for and more common for personal and home loans.
Yes, a longer loan term means lower monthly payments but substantially more total interest, so it is important to compare total cost, not just the monthly figure.
Each payment is split between interest and principal. In early months, most goes to interest; over time, more goes toward the principal until the loan is fully repaid.
Yes — the breakdown shows how much of each payment goes toward principal versus interest, updating month by month until the loan is fully paid off, so you can see exactly when you cross the halfway point on principal.