Loan Payment Calculator

This tool will calculate the monthly payment, effective interest rate, total interest and loan amortization schedule for a fixed interest rate loan.


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Explanation of Fields

For a complete explanation of interest, follow this link: What is Interest?

Loan Amount
The current outstanding amount on the loan, or in the case of a new loan, the total amount to be financed.

Interest Rate
The nominal interest rate of the loan.

Loan Term
The length of the loan (in years).

Payments
The payment schedule, how regularly you will make payments.

Interest Accrual
The compounding period (for most banks, this will be daily).