Loan installment calculator
Enter the loan amount, annual rate and number of months to see the monthly installment, total interest and repayment schedule, using equal monthly installments (standard amortization).
Repayment schedule
| No. | Payment | Principal | Interest | Balance |
|---|
Never miss an installment
Add the loan to Moneyiar to see paid and remaining installments and get a reminder before each due date.
Frequently asked questions
How is a loan installment calculated?
With equal installments the monthly payment is P × r × (1+r)^n ÷ ((1+r)^n − 1), where P is the loan amount, r the monthly rate (annual rate ÷ 12) and n the number of installments. Early payments are mostly interest; later ones mostly principal.
What does an 18% annual rate mean?
Interest of 1.5% per month is charged on the remaining balance. Because the balance shrinks each month, total interest is less than 18% times the number of years.
How do I estimate a loan that charges a fee instead of interest?
Enter the fee rate (for example 4) in the interest rate box. Such fees are usually charged on the remaining balance, so the result is a good estimate of the monthly installment.