Loan Payment Calculator
Calculate regular payments and view a complete amortization schedule for a fixed-rate loan.
Guide
What is a fixed-rate loan payment?
A fixed-rate amortizing loan is repaid through regular payments over a set term. Each payment first covers interest accrued for that payment period, then reduces the remaining principal.
Formula
For a nonzero periodic rate, payment = principal × rate ÷ (1 − (1 + rate) ^ −payment count). The periodic rate is the nominal annual rate divided by payments per year. At a zero rate, principal is divided evenly across all payments.
Worked example
A 1,200 loan repaid monthly over one year at 0% interest has 12 payments. Dividing 1,200 by 12 gives a payment of 100. Total payments are 1,200 and total interest is zero.
Assumptions and limitations
This Calculator models a fully amortizing loan with a fixed principal, nominal annual rate, payment frequency, and term. It excludes fees, taxes, insurance, changing or variable rates, missed payments, late charges, and extra payments.
Common questions
Can I use a fractional term? Yes, if the term produces a whole number of payments for the selected frequency. Does changing currency convert values? No. Currency is a display choice only and does not convert the entered amounts. Why can the final payment differ slightly? The Calculator adjusts it using the remaining internal balance so the schedule settles exactly at zero.
Methodology
The Calculator uses decimal arithmetic throughout the schedule. It keeps internal values precise between rows, rounds only displayed currency values to the selected currency minor unit, and adjusts the final principal allocation and payment to leave a zero remaining balance.