Amortization Schedule
| Payment # |
Payment |
Principal |
Interest |
Remaining Balance |
How to Use the Loan Calculator
Our Loan Calculator helps you estimate payments and understand the full cost of a loan:
- Enter the Loan Amount you plan to borrow.
- Input the Annual Interest Rate offered by your lender.
- Specify the Loan Term (in years or months).
- Select your preferred Payment Frequency.
- Click "Calculate" to see your payment details and amortization schedule.
Understanding the Results
- Monthly Payment: The amount you'll pay each period (based on your selected frequency).
- Total Payment: The total amount you'll pay over the life of the loan (principal + interest).
- Total Interest: The total interest cost over the life of the loan.
- Amortization Schedule: A detailed breakdown showing how each payment is split between principal and interest.
Common Applications
- Personal Loans: Understand the cost of financing major purchases or consolidating debt.
- Auto Loans: Compare different financing options when buying a vehicle.
- Student Loans: Estimate monthly payments for educational financing.
- Business Loans: Calculate costs for equipment or expansion financing.
Note:
This calculator provides estimates only and assumes a fixed interest rate throughout the loan term. Actual loan terms may vary, and additional fees may apply. Always consult with a financial advisor or lender for specific advice regarding your situation.