Personal Finance
Loan Calculator
Fixed payment, total paid, and interest for an amortizing loan.
Free to use — no sign-up or login.
Payment per period
Total paid
Total interest
Amortization schedule
| # | Date | Payment | Principal | Extra | Interest | Balance |
|---|---|---|---|---|---|---|
This free Loan Calculator covers Fixed payment, total paid, and interest for an amortizing loan.
An amortizing loan spreads principal and interest into equal period payments. Related personal finance tools sit beside How it works, with no account required.
Using the Loan Calculator
Fixed payment, total paid, and interest for an amortizing loan. Typical inputs are Loan amount ($), Annual rate (%), Term (years) and Payments per year. How it works beside the form states the identity the Loan Calculator applies.
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
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.