Loan calculator
Estimate equal monthly payments on a fixed-rate loan.
Formula
M = P × r / (1 − (1 + r)^−n); r = annual % / 1200; n = years × 12
Monthly payment = 100,000 × 0.003333333333 ÷ (1 − (1 + 0.003333333333)^(−360)) ≈ 477.42
How to use
- Enter the amount borrowed.
- Set annual rate and whole years.
- Review payment and total interest.
Examples
- 100,000 at 4% for 30 years: ≈ 477.42 per month.
Repayment schedule
Annual totals
| Year | Payment | Principal | Interest | Closing balance |
|---|---|---|---|---|
| 1 | 5,728.98 | 1,761.04 | 3,967.95 | 98,238.96 |
| 2 | 5,728.98 | 1,832.78 | 3,896.20 | 96,406.18 |
| 3 | 5,728.98 | 1,907.45 | 3,821.53 | 94,498.73 |
| 4 | 5,728.98 | 1,985.17 | 3,743.82 | 92,513.56 |
| 5 | 5,728.98 | 2,066.05 | 3,662.94 | 90,447.51 |
| 6 | 5,728.98 | 2,150.22 | 3,578.76 | 88,297.29 |
| 7 | 5,728.98 | 2,237.82 | 3,491.16 | 86,059.47 |
| 8 | 5,728.98 | 2,329.00 | 3,399.99 | 83,730.48 |
| 9 | 5,728.98 | 2,423.88 | 3,305.10 | 81,306.59 |
| 10 | 5,728.98 | 2,522.63 | 3,206.35 | 78,783.96 |
| 11 | 5,728.98 | 2,625.41 | 3,103.57 | 76,158.55 |
| 12 | 5,728.98 | 2,732.37 | 2,996.61 | 73,426.17 |
| 13 | 5,728.98 | 2,843.70 | 2,885.29 | 70,582.48 |
| 14 | 5,728.98 | 2,959.55 | 2,769.43 | 67,622.93 |
| 15 | 5,728.98 | 3,080.13 | 2,648.86 | 64,542.80 |
| 16 | 5,728.98 | 3,205.62 | 2,523.37 | 61,337.18 |
| 17 | 5,728.98 | 3,336.22 | 2,392.76 | 58,000.96 |
| 18 | 5,728.98 | 3,472.14 | 2,256.84 | 54,528.82 |
| 19 | 5,728.98 | 3,613.60 | 2,115.38 | 50,915.22 |
| 20 | 5,728.98 | 3,760.83 | 1,968.16 | 47,154.39 |
| 21 | 5,728.98 | 3,914.05 | 1,814.94 | 43,240.34 |
| 22 | 5,728.98 | 4,073.51 | 1,655.47 | 39,166.83 |
| 23 | 5,728.98 | 4,239.47 | 1,489.51 | 34,927.36 |
| 24 | 5,728.98 | 4,412.20 | 1,316.79 | 30,515.16 |
| 25 | 5,728.98 | 4,591.96 | 1,137.03 | 25,923.21 |
| 26 | 5,728.98 | 4,779.04 | 949.94 | 21,144.17 |
| 27 | 5,728.98 | 4,973.74 | 755.24 | 16,170.42 |
| 28 | 5,728.98 | 5,176.38 | 552.60 | 10,994.04 |
| 29 | 5,728.98 | 5,387.28 | 341.71 | 5,606.76 |
| 30 | 5,728.98 | 5,606.76 | 122.22 | 0.00 |
Period details
| Period | Payment | Principal | Interest | Closing balance |
|---|---|---|---|---|
| 1 | 477.42 | 144.08 | 333.33 | 99,855.92 |
| 2 | 477.42 | 144.56 | 332.85 | 99,711.36 |
| 3 | 477.42 | 145.04 | 332.37 | 99,566.31 |
| 4 | 477.42 | 145.53 | 331.89 | 99,420.78 |
| 5 | 477.42 | 146.01 | 331.40 | 99,274.77 |
| 6 | 477.42 | 146.50 | 330.92 | 99,128.27 |
| 7 | 477.42 | 146.99 | 330.43 | 98,981.28 |
| 8 | 477.42 | 147.48 | 329.94 | 98,833.81 |
| 9 | 477.42 | 147.97 | 329.45 | 98,685.84 |
| 10 | 477.42 | 148.46 | 328.95 | 98,537.37 |
| 11 | 477.42 | 148.96 | 328.46 | 98,388.42 |
| 12 | 477.42 | 149.45 | 327.96 | 98,238.96 |
Frequently asked questions
What does the payment include?
Principal and interest only; taxes, insurance and fees are excluded.
What if the rate is zero?
The principal is divided by the number of monthly payments.
Will it match my lender?
Rounding, fees and interest conventions may differ.
Sources
Updated: