How is the monthly payment calculated?

Monthly payment = P × [r(1+r)^n] / [(1+r)^n - 1], where P is the principal, r is monthly interest rate, and n is number of months.

What is amortization?

Amortization is the process of paying off a loan through regular payments. Early payments are mostly interest; later payments are mostly principal.

Calculate monthly payments, total interest and full amortization schedule.

Loan Amount ($)

Annual Interest Rate (%)

Loan Term

Monthly Payment

Total Payment

Total Interest

Interest / Principal

Principal Interest