Loan Payment Calculator with Amortization Schedule
Estimate fixed-rate monthly loan payments, total interest, and total repayment. View the amortization schedule and download a CSV in your selected currency.
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Estimate a fixed monthly loan payment
An amortizing loan spreads repayment across monthly installments. Each payment covers interest on the outstanding balance and a portion of principal. As the balance falls, less of each payment goes to interest.
Payment = P × r ÷ (1 − (1 + r)−n), where P is principal, r is annual interest rate ÷ 1200, and n is the number of monthly payments. At 0% interest, payment = P ÷ n.
Example: a five-year loan
Borrowing 20,000 at a fixed 7% annual interest rate for five years gives a monthly principal-and-interest payment of approximately 396.02. Total interest is approximately 3,761.44 before fees.
Interest rate versus APR
Enter the contractual interest rate rather than an APR that includes borrowing fees. This estimate does not model origination charges, insurance, daily-interest conventions, variable rates, missed payments, or local lending rules. It works in any selected currency using the same mathematical assumptions.
Why might a lender quote differ?
Lenders may round each installment, use different day counts, or include charges. Here calculations retain full precision until display; the final payment clears the remaining balance. Compare the schedule with the lender’s written terms.
About this calculator
Prepared by the UtilitiesWeb team at The Alpha 1 Company. Estimates are educational illustrations, not personalised financial advice, lending decisions, or guaranteed outcomes. Verify important decisions against provider documents and qualified advice where needed.
Methodology updated: 1 November 2026. Example rates and costs are assumptions, not live market quotes. Amounts are calculated at full precision and rounded for display.