Personal Finance

Loan Calculator

Fixed payment, total paid, and interest for an amortizing loan.

Loan amount ($)

Annual rate (%)

Term (years)

Payments per year

Payment per period

Total paid

Total interest

Worked example

A $20,000 loan at 6.5% annual for 5 years with monthly payments: period rate i = 0.065/12, N = 60. The annuity formula gives a payment of about $391 per month. Total paid ≈ $23,460; interest is the remainder after subtracting principal.

\[ p = P\frac{i(1+i)^{N}}{(1+i)^{N}-1} \]

FAQ

Are extra fees included?

No. Origination fees, insurance, and taxes are omitted. The payment is the level installment that amortizes principal at the stated rate.

How is this different from the amortization calculator?

This page emphasizes payment and totals. The amortization calculator uses the same payment formula and can show a period-by-period schedule.

Sources

https://en.wikipedia.org/wiki/Amortization_calculator

Assumptions and limitations

Personal finance figures are illustrative. Taxes, insurance, fees, and lender overlays are omitted unless a field names them. This is not financial advice.

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