Loan Calculator
Enter loan amount, interest rate, and term — your monthly payment, total interest, and full repayment schedule appear instantly, with three repayment methods compared in one view.
Enter numbers only — no currency symbol. Works with any currency.
Repayment method
Final payment (principal + last interest):
Total interest by repayment method
Amortization schedule
| # | Payment | Principal | Interest | Balance |
|---|
Estimates for comparison only. Each installment is rounded to two decimals with a final-installment adjustment so the principal sums exactly to the loan amount. Your bank may differ due to day-count conventions, variable rates, and fees.
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Amortized vs equal principal — which saves more total interest?
Equal principal almost always costs less total interest than an amortized (equal-payment) loan at the same rate and term, because you pay the balance down faster. In this loan calculator, run the same amount, rate, and term through both methods and read the "Total interest by repayment method" bars. The trade-off is the early burden: equal principal starts with the highest monthly payment and it declines every month, while an amortized loan keeps one fixed, easier-to-budget payment throughout.
Why does interest-only (balloon) repayment cost the most total interest?
With interest-only repayment you pay only the interest each month and the full principal as a single balloon at the end, so the balance never shrinks and interest is charged on the whole amount for the entire term. That makes it the most expensive of the three methods in total interest — but the smallest monthly payment until the balloon is due. This amortization calculator shows all three totals side by side so you can see the gap instantly.
Why do my results differ from my bank's quote?
This loan payment calculator uses a clean monthly compounding model: monthly rate = annual rate ÷ 12, applied to the outstanding balance. Real lenders may use daily interest accrual, a different day-count convention, variable or promotional rates, origination fees, insurance, or rounding rules of their own. Treat these numbers as an accurate comparison between repayment methods rather than an exact reproduction of a specific bank's contract.
How do I read an amortization schedule?
Each row is one installment. "Payment" is what you pay that month, split into "Principal" (the part that reduces what you owe) and "Interest" (the lender's charge on the remaining balance). "Balance" is what's still owed after that payment. Early on, most of an amortized payment is interest; over time the principal share grows. The last balance always reaches zero, and the principal column sums exactly to your loan amount.
How much does a 0.5%p rate difference change total interest?
More than most people expect on long loans. Because interest compounds over the whole term, even half a percentage point can shift total interest by a large amount on a 20-to-30-year loan. To judge a refinance, enter your current rate, note the total interest, then change only the rate by the offered amount and compare — if the interest saved clearly beats the refinancing fees, the switch usually pays off.