Enter your loan amount, interest rate and term to instantly see your monthly payment, total repayment cost and interest charged. Works for personal loans, car loans, student loans and any fixed-rate consumer credit.
| Month | Payment | Principal | Interest | Balance |
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Enter the total amount you wish to borrow in the Loan Amount field — this is the principal, not including any fees. Enter your lender's quoted Annual Interest Rate as a percentage (e.g. 7.5 for 7.5%). Finally, enter the Loan Term in Months — a 5-year loan is 60 months, a 3-year loan is 36 months. Click Calculate to instantly see your monthly payment, total repayment and total interest charged. Expand the amortization schedule to see exactly how each payment splits between principal and interest across the full loan term.
The Monthly Payment is the fixed amount you owe your lender every month for the duration of the loan. For fixed-rate loans this never changes, making budgeting straightforward. Your Total Repayment is simply the monthly payment multiplied by the number of months — it tells you the full cost of the loan from first to last payment.
The Total Interest Paid is the difference between total repayment and the original loan amount. This is the cost of borrowing. In the early months of any amortizing loan, most of each payment goes toward interest; toward the end of the term, most goes toward principal. The amortization schedule shows this shift month by month.
The Interest as % of Loan metric puts the cost of borrowing in perspective. A short-term loan at a high rate and a long-term loan at a low rate can end up costing similar proportions of the original principal. Use this figure to compare loan options fairly.
This is the standard fixed-rate amortization formula used by banks and financial institutions worldwide. The key insight is that r is your annual interest rate divided by 12 — so a 6% annual rate becomes 0.5% per month (0.005 as a decimal). When the interest rate is zero, the formula simplifies to P ÷ n, meaning the loan is divided into equal principal payments with no interest charge.
These worked examples are designed to give you an immediate sense of how loan parameters affect your monthly payment and total cost.
This calculator is provided for general informational and educational purposes only and does not constitute financial, tax, investment or legal advice. It uses the standard loan amortization formula, identical to the one used by banks and lending institutions to generate repayment schedules, but actual figures depend on your lender, local regulations, fees and current market conditions, and may differ from your final terms.
Before making a financial decision, verify your numbers with a licensed financial advisor, accountant, mortgage broker, or your relevant national tax authority.
This calculator uses the standard loan amortization formula, identical to the one used by banks and lending institutions to generate repayment schedules. The underlying logic was built and manually cross-checked against independent reference calculators and textbook worked examples across dozens of test cases before publication.
Every formula on elCalculador is reviewed by our editorial team for mathematical accuracy, and pages are re-audited whenever a calculator's logic or inputs are updated.