Loan Calculator
Calculate monthly payments and total interest
Loan Details
yr
mo
Monthly Payment
$193.33
Summary
Loan Amount$10,000.00
Total of Payments$11,599.68
Total Interest$1,599.68
Cost of Credit16.0%
Payment Breakdown
86%
14%
Principal$10,000.00
Interest$1,599.68
Amortization Schedule
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $193.33 | $143.33 | $50.00 | $9,856.67 |
| 2 | $193.33 | $144.04 | $49.28 | $9,712.63 |
| 3 | $193.33 | $144.76 | $48.56 | $9,567.86 |
| 4 | $193.33 | $145.49 | $47.84 | $9,422.37 |
| 5 | $193.33 | $146.22 | $47.11 | $9,276.16 |
| 6 | $193.33 | $146.95 | $46.38 | $9,129.21 |
| 7 | $193.33 | $147.68 | $45.65 | $8,981.53 |
| 8 | $193.33 | $148.42 | $44.91 | $8,833.11 |
| 9 | $193.33 | $149.16 | $44.17 | $8,683.95 |
| 10 | $193.33 | $149.91 | $43.42 | $8,534.04 |
| 11 | $193.33 | $150.66 | $42.67 | $8,383.38 |
| 12 | $193.33 | $151.41 | $41.92 | $8,231.97 |
Frequently asked questions
How is the monthly payment calculated?
Monthly payment = P × r(1+r)^n / ((1+r)^n − 1), where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of months. For a 0% interest loan the payment is simply principal ÷ months.
What is an amortization schedule?
An amortization schedule shows each monthly payment broken down into the portion that reduces your principal and the portion that pays interest. Early payments are mostly interest; later payments are mostly principal.
How does a down payment affect my loan?
A down payment reduces the amount you need to borrow, which directly lowers your monthly payment and the total interest paid. Even a small down payment can save hundreds or thousands of dollars over the loan life.