Loan Payment Calculator

Find the monthly payment for a fixed-rate loan, or how long a fixed monthly payment takes to repay it, with totals, a payoff date and a full amortization schedule.

Change the values and press Calculate to work out your own figures.

Fixed term: find the payment

Enter the amount, interest rate and length of the loan to find the monthly payment, the total interest and a full payment schedule.

Loan amount

The amount borrowed (principal) at the start of the loan.

Annual interest rate (APR)

Nominal yearly rate in percent. Each month is charged one twelfth of it. Enter 0 for an interest-free loan.

Loan term

How long the loan lasts. Term × 12 (years) or the term (months) must be a whole number of monthly payments between 1 and 1200.

First payment date (optional)

Optional. Adds a date to every row, a payoff date and calendar-year totals. The UI may suggest the first day of next month from the injected 'now'.

Annual totals by (optional)

How payments are grouped in the annual schedule.

Balance over time

Balance
Principal paid
Interest paid

The balance falls from $200,000.00 to $0.00 over 180 payments; interest paid adds up to $103,788.82.

Annual schedule
Loan year	Payments	Paid	Interest	Principal	Balance
1	12	$20,252.52	$11,769.24	$8,483.28	$191,516.72
2	12	$20,252.52	$11,245.98	$9,006.54	$182,510.18
3	12	$20,252.52	$10,690.51	$9,562.01	$172,948.17
4	12	$20,252.52	$10,100.73	$10,151.79	$162,796.38
5	12	$20,252.52	$9,474.60	$10,777.92	$152,018.46
6	12	$20,252.52	$8,809.81	$11,442.71	$140,575.75
7	12	$20,252.52	$8,104.06	$12,148.46	$128,427.29
8	12	$20,252.52	$7,354.77	$12,897.75	$115,529.54
9	12	$20,252.52	$6,559.28	$13,693.24	$101,836.30
10	12	$20,252.52	$5,714.71	$14,537.81	$87,298.49
11	12	$20,252.52	$4,818.06	$15,434.46	$71,864.03
12	12	$20,252.52	$3,866.08	$16,386.44	$55,477.59
13	12	$20,252.52	$2,855.42	$17,397.10	$38,080.49
14	12	$20,252.52	$1,782.38	$18,470.14	$19,610.35
15	12	$20,253.54	$643.19	$19,610.35	$0.00

Show the monthly schedule (180 rows)

Monthly schedule
#	Payment	Interest	Principal	Balance
1	$1,687.71	$1,000.00	$687.71	$199,312.29
2	$1,687.71	$996.56	$691.15	$198,621.14
3	$1,687.71	$993.11	$694.60	$197,926.54
4	$1,687.71	$989.63	$698.08	$197,228.46
5	$1,687.71	$986.14	$701.57	$196,526.89
6	$1,687.71	$982.63	$705.08	$195,821.81
7	$1,687.71	$979.11	$708.60	$195,113.21
8	$1,687.71	$975.57	$712.14	$194,401.07
9	$1,687.71	$972.01	$715.70	$193,685.37
10	$1,687.71	$968.43	$719.28	$192,966.09
11	$1,687.71	$964.83	$722.88	$192,243.21
12	$1,687.71	$961.22	$726.49	$191,516.72
13	$1,687.71	$957.58	$730.13	$190,786.59
14	$1,687.71	$953.93	$733.78	$190,052.81
15	$1,687.71	$950.26	$737.45	$189,315.36
16	$1,687.71	$946.58	$741.13	$188,574.23
17	$1,687.71	$942.87	$744.84	$187,829.39
18	$1,687.71	$939.15	$748.56	$187,080.83
19	$1,687.71	$935.40	$752.31	$186,328.52
20	$1,687.71	$931.64	$756.07	$185,572.45
21	$1,687.71	$927.86	$759.85	$184,812.60
22	$1,687.71	$924.06	$763.65	$184,048.95
23	$1,687.71	$920.24	$767.47	$183,281.48
24	$1,687.71	$916.41	$771.30	$182,510.18
25	$1,687.71	$912.55	$775.16	$181,735.02
26	$1,687.71	$908.68	$779.03	$180,955.99
27	$1,687.71	$904.78	$782.93	$180,173.06
28	$1,687.71	$900.87	$786.84	$179,386.22
29	$1,687.71	$896.93	$790.78	$178,595.44
30	$1,687.71	$892.98	$794.73	$177,800.71
31	$1,687.71	$889.00	$798.71	$177,002.00
32	$1,687.71	$885.01	$802.70	$176,199.30
33	$1,687.71	$881.00	$806.71	$175,392.59
34	$1,687.71	$876.96	$810.75	$174,581.84
35	$1,687.71	$872.91	$814.80	$173,767.04
36	$1,687.71	$868.84	$818.87	$172,948.17
37	$1,687.71	$864.74	$822.97	$172,125.20
38	$1,687.71	$860.63	$827.08	$171,298.12
39	$1,687.71	$856.49	$831.22	$170,466.90
40	$1,687.71	$852.33	$835.38	$169,631.52
41	$1,687.71	$848.16	$839.55	$168,791.97
42	$1,687.71	$843.96	$843.75	$167,948.22
43	$1,687.71	$839.74	$847.97	$167,100.25
44	$1,687.71	$835.50	$852.21	$166,248.04
45	$1,687.71	$831.24	$856.47	$165,391.57
46	$1,687.71	$826.96	$860.75	$164,530.82
47	$1,687.71	$822.65	$865.06	$163,665.76
48	$1,687.71	$818.33	$869.38	$162,796.38
49	$1,687.71	$813.98	$873.73	$161,922.65
50	$1,687.71	$809.61	$878.10	$161,044.55
51	$1,687.71	$805.22	$882.49	$160,162.06
52	$1,687.71	$800.81	$886.90	$159,275.16
53	$1,687.71	$796.38	$891.33	$158,383.83
54	$1,687.71	$791.92	$895.79	$157,488.04
55	$1,687.71	$787.44	$900.27	$156,587.77
56	$1,687.71	$782.94	$904.77	$155,683.00
57	$1,687.71	$778.42	$909.29	$154,773.71
58	$1,687.71	$773.87	$913.84	$153,859.87
59	$1,687.71	$769.30	$918.41	$152,941.46
60	$1,687.71	$764.71	$923.00	$152,018.46
61	$1,687.71	$760.09	$927.62	$151,090.84
62	$1,687.71	$755.45	$932.26	$150,158.58
63	$1,687.71	$750.79	$936.92	$149,221.66
64	$1,687.71	$746.11	$941.60	$148,280.06
65	$1,687.71	$741.40	$946.31	$147,333.75
66	$1,687.71	$736.67	$951.04	$146,382.71
67	$1,687.71	$731.91	$955.80	$145,426.91
68	$1,687.71	$727.13	$960.58	$144,466.33
69	$1,687.71	$722.33	$965.38	$143,500.95
70	$1,687.71	$717.50	$970.21	$142,530.74
71	$1,687.71	$712.65	$975.06	$141,555.68
72	$1,687.71	$707.78	$979.93	$140,575.75
73	$1,687.71	$702.88	$984.83	$139,590.92
74	$1,687.71	$697.95	$989.76	$138,601.16
75	$1,687.71	$693.01	$994.70	$137,606.46
76	$1,687.71	$688.03	$999.68	$136,606.78
77	$1,687.71	$683.03	$1,004.68	$135,602.10
78	$1,687.71	$678.01	$1,009.70	$134,592.40
79	$1,687.71	$672.96	$1,014.75	$133,577.65
80	$1,687.71	$667.89	$1,019.82	$132,557.83
81	$1,687.71	$662.79	$1,024.92	$131,532.91
82	$1,687.71	$657.66	$1,030.05	$130,502.86
83	$1,687.71	$652.51	$1,035.20	$129,467.66
84	$1,687.71	$647.34	$1,040.37	$128,427.29
85	$1,687.71	$642.14	$1,045.57	$127,381.72
86	$1,687.71	$636.91	$1,050.80	$126,330.92
87	$1,687.71	$631.65	$1,056.06	$125,274.86
88	$1,687.71	$626.37	$1,061.34	$124,213.52
89	$1,687.71	$621.07	$1,066.64	$123,146.88
90	$1,687.71	$615.73	$1,071.98	$122,074.90
91	$1,687.71	$610.37	$1,077.34	$120,997.56
92	$1,687.71	$604.99	$1,082.72	$119,914.84
93	$1,687.71	$599.57	$1,088.14	$118,826.70
94	$1,687.71	$594.13	$1,093.58	$117,733.12
95	$1,687.71	$588.67	$1,099.04	$116,634.08
96	$1,687.71	$583.17	$1,104.54	$115,529.54
97	$1,687.71	$577.65	$1,110.06	$114,419.48
98	$1,687.71	$572.10	$1,115.61	$113,303.87
99	$1,687.71	$566.52	$1,121.19	$112,182.68
100	$1,687.71	$560.91	$1,126.80	$111,055.88
101	$1,687.71	$555.28	$1,132.43	$109,923.45
102	$1,687.71	$549.62	$1,138.09	$108,785.36
103	$1,687.71	$543.93	$1,143.78	$107,641.58
104	$1,687.71	$538.21	$1,149.50	$106,492.08
105	$1,687.71	$532.46	$1,155.25	$105,336.83
106	$1,687.71	$526.68	$1,161.03	$104,175.80
107	$1,687.71	$520.88	$1,166.83	$103,008.97
108	$1,687.71	$515.04	$1,172.67	$101,836.30
109	$1,687.71	$509.18	$1,178.53	$100,657.77
110	$1,687.71	$503.29	$1,184.42	$99,473.35
111	$1,687.71	$497.37	$1,190.34	$98,283.01
112	$1,687.71	$491.42	$1,196.29	$97,086.72
113	$1,687.71	$485.43	$1,202.28	$95,884.44
114	$1,687.71	$479.42	$1,208.29	$94,676.15
115	$1,687.71	$473.38	$1,214.33	$93,461.82
116	$1,687.71	$467.31	$1,220.40	$92,241.42
117	$1,687.71	$461.21	$1,226.50	$91,014.92
118	$1,687.71	$455.07	$1,232.64	$89,782.28
119	$1,687.71	$448.91	$1,238.80	$88,543.48
120	$1,687.71	$442.72	$1,244.99	$87,298.49
121	$1,687.71	$436.49	$1,251.22	$86,047.27
122	$1,687.71	$430.24	$1,257.47	$84,789.80
123	$1,687.71	$423.95	$1,263.76	$83,526.04
124	$1,687.71	$417.63	$1,270.08	$82,255.96
125	$1,687.71	$411.28	$1,276.43	$80,979.53
126	$1,687.71	$404.90	$1,282.81	$79,696.72
127	$1,687.71	$398.48	$1,289.23	$78,407.49
128	$1,687.71	$392.04	$1,295.67	$77,111.82
129	$1,687.71	$385.56	$1,302.15	$75,809.67
130	$1,687.71	$379.05	$1,308.66	$74,501.01
131	$1,687.71	$372.51	$1,315.20	$73,185.81
132	$1,687.71	$365.93	$1,321.78	$71,864.03
133	$1,687.71	$359.32	$1,328.39	$70,535.64
134	$1,687.71	$352.68	$1,335.03	$69,200.61
135	$1,687.71	$346.00	$1,341.71	$67,858.90
136	$1,687.71	$339.29	$1,348.42	$66,510.48
137	$1,687.71	$332.55	$1,355.16	$65,155.32
138	$1,687.71	$325.78	$1,361.93	$63,793.39
139	$1,687.71	$318.97	$1,368.74	$62,424.65
140	$1,687.71	$312.12	$1,375.59	$61,049.06
141	$1,687.71	$305.25	$1,382.46	$59,666.60
142	$1,687.71	$298.33	$1,389.38	$58,277.22
143	$1,687.71	$291.39	$1,396.32	$56,880.90
144	$1,687.71	$284.40	$1,403.31	$55,477.59
145	$1,687.71	$277.39	$1,410.32	$54,067.27
146	$1,687.71	$270.34	$1,417.37	$52,649.90
147	$1,687.71	$263.25	$1,424.46	$51,225.44
148	$1,687.71	$256.13	$1,431.58	$49,793.86
149	$1,687.71	$248.97	$1,438.74	$48,355.12
150	$1,687.71	$241.78	$1,445.93	$46,909.19
151	$1,687.71	$234.55	$1,453.16	$45,456.03
152	$1,687.71	$227.28	$1,460.43	$43,995.60
153	$1,687.71	$219.98	$1,467.73	$42,527.87
154	$1,687.71	$212.64	$1,475.07	$41,052.80
155	$1,687.71	$205.26	$1,482.45	$39,570.35
156	$1,687.71	$197.85	$1,489.86	$38,080.49
157	$1,687.71	$190.40	$1,497.31	$36,583.18
158	$1,687.71	$182.92	$1,504.79	$35,078.39
159	$1,687.71	$175.39	$1,512.32	$33,566.07
160	$1,687.71	$167.83	$1,519.88	$32,046.19
161	$1,687.71	$160.23	$1,527.48	$30,518.71
162	$1,687.71	$152.59	$1,535.12	$28,983.59
163	$1,687.71	$144.92	$1,542.79	$27,440.80
164	$1,687.71	$137.20	$1,550.51	$25,890.29
165	$1,687.71	$129.45	$1,558.26	$24,332.03
166	$1,687.71	$121.66	$1,566.05	$22,765.98
167	$1,687.71	$113.83	$1,573.88	$21,192.10
168	$1,687.71	$105.96	$1,581.75	$19,610.35
169	$1,687.71	$98.05	$1,589.66	$18,020.69
170	$1,687.71	$90.10	$1,597.61	$16,423.08
171	$1,687.71	$82.12	$1,605.59	$14,817.49
172	$1,687.71	$74.09	$1,613.62	$13,203.87
173	$1,687.71	$66.02	$1,621.69	$11,582.18
174	$1,687.71	$57.91	$1,629.80	$9,952.38
175	$1,687.71	$49.76	$1,637.95	$8,314.43
176	$1,687.71	$41.57	$1,646.14	$6,668.29
177	$1,687.71	$33.34	$1,654.37	$5,013.92
178	$1,687.71	$25.07	$1,662.64	$3,351.28
179	$1,687.71	$16.76	$1,670.95	$1,680.33
180	$1,688.73	$8.40	$1,680.33	$0.00

Show the working

Monthly rate i = 6% ÷ 12 = 0.005
Payment = L × i ÷ (1 − (1 + i)^−n) with L = 200000.00, n = 180: 1687.7136561
Rounded to the cent: 1687.71
Final payment 180: remaining balance + that month's interest = 1688.73
Total interest = sum of the 180 monthly interest amounts = 103788.82

Fixed payment: find the payoff time

Enter the amount, interest rate and what you can pay each month to find how long the loan takes to repay.

Balance over time

Balance
Principal paid
Interest paid

The balance falls from $200,000.00 to $0.00 over 139 payments; interest paid adds up to $77,951.57.

Annual schedule
Loan year	Payments	Paid	Interest	Principal	Balance
1	12	$24,000.00	$11,664.43	$12,335.57	$187,664.43
2	12	$24,000.00	$10,903.60	$13,096.40	$174,568.03
3	12	$24,000.00	$10,095.85	$13,904.15	$160,663.88
4	12	$24,000.00	$9,238.28	$14,761.72	$145,902.16
5	12	$24,000.00	$8,327.80	$15,672.20	$130,229.96
6	12	$24,000.00	$7,361.19	$16,638.81	$113,591.15
7	12	$24,000.00	$6,334.93	$17,665.07	$95,926.08
8	12	$24,000.00	$5,245.39	$18,754.61	$77,171.47
9	12	$24,000.00	$4,088.65	$19,911.35	$57,260.12
10	12	$24,000.00	$2,860.55	$21,139.45	$36,120.67
11	12	$24,000.00	$1,556.71	$22,443.29	$13,677.38
12	7	$13,951.57	$274.19	$13,677.38	$0.00

Show the monthly schedule (139 rows)

Monthly schedule
#	Payment	Interest	Principal	Balance
1	$2,000.00	$1,000.00	$1,000.00	$199,000.00
2	$2,000.00	$995.00	$1,005.00	$197,995.00
3	$2,000.00	$989.98	$1,010.02	$196,984.98
4	$2,000.00	$984.92	$1,015.08	$195,969.90
5	$2,000.00	$979.85	$1,020.15	$194,949.75
6	$2,000.00	$974.75	$1,025.25	$193,924.50
7	$2,000.00	$969.62	$1,030.38	$192,894.12
8	$2,000.00	$964.47	$1,035.53	$191,858.59
9	$2,000.00	$959.29	$1,040.71	$190,817.88
10	$2,000.00	$954.09	$1,045.91	$189,771.97
11	$2,000.00	$948.86	$1,051.14	$188,720.83
12	$2,000.00	$943.60	$1,056.40	$187,664.43
13	$2,000.00	$938.32	$1,061.68	$186,602.75
14	$2,000.00	$933.01	$1,066.99	$185,535.76
15	$2,000.00	$927.68	$1,072.32	$184,463.44
16	$2,000.00	$922.32	$1,077.68	$183,385.76
17	$2,000.00	$916.93	$1,083.07	$182,302.69
18	$2,000.00	$911.51	$1,088.49	$181,214.20
19	$2,000.00	$906.07	$1,093.93	$180,120.27
20	$2,000.00	$900.60	$1,099.40	$179,020.87
21	$2,000.00	$895.10	$1,104.90	$177,915.97
22	$2,000.00	$889.58	$1,110.42	$176,805.55
23	$2,000.00	$884.03	$1,115.97	$175,689.58
24	$2,000.00	$878.45	$1,121.55	$174,568.03
25	$2,000.00	$872.84	$1,127.16	$173,440.87
26	$2,000.00	$867.20	$1,132.80	$172,308.07
27	$2,000.00	$861.54	$1,138.46	$171,169.61
28	$2,000.00	$855.85	$1,144.15	$170,025.46
29	$2,000.00	$850.13	$1,149.87	$168,875.59
30	$2,000.00	$844.38	$1,155.62	$167,719.97
31	$2,000.00	$838.60	$1,161.40	$166,558.57
32	$2,000.00	$832.79	$1,167.21	$165,391.36
33	$2,000.00	$826.96	$1,173.04	$164,218.32
34	$2,000.00	$821.09	$1,178.91	$163,039.41
35	$2,000.00	$815.20	$1,184.80	$161,854.61
36	$2,000.00	$809.27	$1,190.73	$160,663.88
37	$2,000.00	$803.32	$1,196.68	$159,467.20
38	$2,000.00	$797.34	$1,202.66	$158,264.54
39	$2,000.00	$791.32	$1,208.68	$157,055.86
40	$2,000.00	$785.28	$1,214.72	$155,841.14
41	$2,000.00	$779.21	$1,220.79	$154,620.35
42	$2,000.00	$773.10	$1,226.90	$153,393.45
43	$2,000.00	$766.97	$1,233.03	$152,160.42
44	$2,000.00	$760.80	$1,239.20	$150,921.22
45	$2,000.00	$754.61	$1,245.39	$149,675.83
46	$2,000.00	$748.38	$1,251.62	$148,424.21
47	$2,000.00	$742.12	$1,257.88	$147,166.33
48	$2,000.00	$735.83	$1,264.17	$145,902.16
49	$2,000.00	$729.51	$1,270.49	$144,631.67
50	$2,000.00	$723.16	$1,276.84	$143,354.83
51	$2,000.00	$716.77	$1,283.23	$142,071.60
52	$2,000.00	$710.36	$1,289.64	$140,781.96
53	$2,000.00	$703.91	$1,296.09	$139,485.87
54	$2,000.00	$697.43	$1,302.57	$138,183.30
55	$2,000.00	$690.92	$1,309.08	$136,874.22
56	$2,000.00	$684.37	$1,315.63	$135,558.59
57	$2,000.00	$677.79	$1,322.21	$134,236.38
58	$2,000.00	$671.18	$1,328.82	$132,907.56
59	$2,000.00	$664.54	$1,335.46	$131,572.10
60	$2,000.00	$657.86	$1,342.14	$130,229.96
61	$2,000.00	$651.15	$1,348.85	$128,881.11
62	$2,000.00	$644.41	$1,355.59	$127,525.52
63	$2,000.00	$637.63	$1,362.37	$126,163.15
64	$2,000.00	$630.82	$1,369.18	$124,793.97
65	$2,000.00	$623.97	$1,376.03	$123,417.94
66	$2,000.00	$617.09	$1,382.91	$122,035.03
67	$2,000.00	$610.18	$1,389.82	$120,645.21
68	$2,000.00	$603.23	$1,396.77	$119,248.44
69	$2,000.00	$596.24	$1,403.76	$117,844.68
70	$2,000.00	$589.22	$1,410.78	$116,433.90
71	$2,000.00	$582.17	$1,417.83	$115,016.07
72	$2,000.00	$575.08	$1,424.92	$113,591.15
73	$2,000.00	$567.96	$1,432.04	$112,159.11
74	$2,000.00	$560.80	$1,439.20	$110,719.91
75	$2,000.00	$553.60	$1,446.40	$109,273.51
76	$2,000.00	$546.37	$1,453.63	$107,819.88
77	$2,000.00	$539.10	$1,460.90	$106,358.98
78	$2,000.00	$531.79	$1,468.21	$104,890.77
79	$2,000.00	$524.45	$1,475.55	$103,415.22
80	$2,000.00	$517.08	$1,482.92	$101,932.30
81	$2,000.00	$509.66	$1,490.34	$100,441.96
82	$2,000.00	$502.21	$1,497.79	$98,944.17
83	$2,000.00	$494.72	$1,505.28	$97,438.89
84	$2,000.00	$487.19	$1,512.81	$95,926.08
85	$2,000.00	$479.63	$1,520.37	$94,405.71
86	$2,000.00	$472.03	$1,527.97	$92,877.74
87	$2,000.00	$464.39	$1,535.61	$91,342.13
88	$2,000.00	$456.71	$1,543.29	$89,798.84
89	$2,000.00	$448.99	$1,551.01	$88,247.83
90	$2,000.00	$441.24	$1,558.76	$86,689.07
91	$2,000.00	$433.45	$1,566.55	$85,122.52
92	$2,000.00	$425.61	$1,574.39	$83,548.13
93	$2,000.00	$417.74	$1,582.26	$81,965.87
94	$2,000.00	$409.83	$1,590.17	$80,375.70
95	$2,000.00	$401.88	$1,598.12	$78,777.58
96	$2,000.00	$393.89	$1,606.11	$77,171.47
97	$2,000.00	$385.86	$1,614.14	$75,557.33
98	$2,000.00	$377.79	$1,622.21	$73,935.12
99	$2,000.00	$369.68	$1,630.32	$72,304.80
100	$2,000.00	$361.52	$1,638.48	$70,666.32
101	$2,000.00	$353.33	$1,646.67	$69,019.65
102	$2,000.00	$345.10	$1,654.90	$67,364.75
103	$2,000.00	$336.82	$1,663.18	$65,701.57
104	$2,000.00	$328.51	$1,671.49	$64,030.08
105	$2,000.00	$320.15	$1,679.85	$62,350.23
106	$2,000.00	$311.75	$1,688.25	$60,661.98
107	$2,000.00	$303.31	$1,696.69	$58,965.29
108	$2,000.00	$294.83	$1,705.17	$57,260.12
109	$2,000.00	$286.30	$1,713.70	$55,546.42
110	$2,000.00	$277.73	$1,722.27	$53,824.15
111	$2,000.00	$269.12	$1,730.88	$52,093.27
112	$2,000.00	$260.47	$1,739.53	$50,353.74
113	$2,000.00	$251.77	$1,748.23	$48,605.51
114	$2,000.00	$243.03	$1,756.97	$46,848.54
115	$2,000.00	$234.24	$1,765.76	$45,082.78
116	$2,000.00	$225.41	$1,774.59	$43,308.19
117	$2,000.00	$216.54	$1,783.46	$41,524.73
118	$2,000.00	$207.62	$1,792.38	$39,732.35
119	$2,000.00	$198.66	$1,801.34	$37,931.01
120	$2,000.00	$189.66	$1,810.34	$36,120.67
121	$2,000.00	$180.60	$1,819.40	$34,301.27
122	$2,000.00	$171.51	$1,828.49	$32,472.78
123	$2,000.00	$162.36	$1,837.64	$30,635.14
124	$2,000.00	$153.18	$1,846.82	$28,788.32
125	$2,000.00	$143.94	$1,856.06	$26,932.26
126	$2,000.00	$134.66	$1,865.34	$25,066.92
127	$2,000.00	$125.33	$1,874.67	$23,192.25
128	$2,000.00	$115.96	$1,884.04	$21,308.21
129	$2,000.00	$106.54	$1,893.46	$19,414.75
130	$2,000.00	$97.07	$1,902.93	$17,511.82
131	$2,000.00	$87.56	$1,912.44	$15,599.38
132	$2,000.00	$78.00	$1,922.00	$13,677.38
133	$2,000.00	$68.39	$1,931.61	$11,745.77
134	$2,000.00	$58.73	$1,941.27	$9,804.50
135	$2,000.00	$49.02	$1,950.98	$7,853.52
136	$2,000.00	$39.27	$1,960.73	$5,892.79
137	$2,000.00	$29.46	$1,970.54	$3,922.25
138	$2,000.00	$19.61	$1,980.39	$1,941.86
139	$1,951.57	$9.71	$1,941.86	$0.00

Show the working

Monthly rate i = 6% ÷ 12 = 0.005
Payments needed n* = −ln(1 − L × i ÷ payment) ÷ ln(1 + i) = 138.97572
Whole payments: 139, the last one 1951.57 (the balance left plus its interest)
Total interest = sum of the 139 monthly interest amounts = 77951.57

How to use the loan payment calculator

Enter the amount you are borrowing and the annual interest rate the lender quotes.
To find the monthly payment, enter the length of the loan in years or months.
To find how long a loan takes to repay, use the second calculator and enter what you can pay each month instead.
Optionally add the date of your first payment to see a dated schedule and the month of your last payment, and to total the schedule by calendar year.

The result shows the monthly payment, the total interest and the total you will pay, a chart of the balance falling over time, a year-by-year summary and the full month-by-month schedule.

The loan payment formula

Monthly rate: i = annual rate ÷ 12
Payment = L × i ÷ (1 − (1 + i)^−n)
L = loan amount, n = number of monthly payments
With no interest: payment = L ÷ n

For example, $200,000 at 6% for 15 years is 180 payments at a monthly rate of 0.5%. The formula gives $1,687.7136…, so the payment is $1,687.71. Over the whole loan you pay $103,788.82 in interest.

Why the last payment is different

Each month's interest is worked out on the balance and rounded to the cent, and the payment itself is rounded to the cent. Those small differences add up over the loan, so the final payment is adjusted to clear the balance exactly: it is the remaining balance plus that month's interest. In the example above the last payment is $1,688.73. When you choose the payment yourself, the last payment is usually smaller than the others.

Lenders do not all round the same way, so a lender's statement can differ from these figures by a few cents.

What this calculator does not include

It covers fixed-rate loans repaid in equal monthly payments with interest charged monthly. It does not include fees, points, insurance, taxes, extra payments, interest-only periods or variable rates. The rate you enter is treated as a simple annual rate divided by 12, which is not always the same as the APR on a loan offer, because an APR can include fees.

Questions

How much is the monthly payment on a $200,000 loan?

It depends on the rate and term. At 6% over 15 years it is $1,687.71 a month; over 30 years at the same rate it is about $1,199 a month, but the total interest more than doubles.

How can I pay off a loan faster?

Pay more each month. Enter a higher payment in the second calculator to see how many months it saves and how much less interest you pay. Check first that your lender does not charge for paying early.

What if my payment is too small?

If the payment is not more than the first month's interest, the balance never goes down, so the loan would never be repaid. The calculator tells you the first month's interest so you know the minimum.

Reviewed by RK Calculator Team. Updated 2026-09-25.

Sources

Limitations

Fixed-rate, fully amortizing loans with monthly payments and monthly compounding only; variable rates, balloon payments, interest-only periods, fees, points and extra payments are out of scope for this tool.
The rate is a nominal annual rate divided by 12. It is not a regulatory APR that folds in finance charges.
Interest is charged per month, not by actual days between payment dates; a first payment date only labels rows.
Rounding conventions differ between lenders (some round interest or payments up); results may differ by cents from a lender's statement.
Payment frequencies other than monthly, other compounding frequencies, extra payments and payoff-balance tools belong to the Loan Calculator (CN-0109) and Loan Payoff (IC-5099) audits, which are audited separately and may reuse this amortizing-loan engine.

Cite this calculator

Formula version 0.1.0Reviewed