ConvertOnlineLoan Calculator with Amortization Schedule
Report source: https://convertonline.org/calculators/loan-calculator
Loan Calculator
Estimated monthly payment
Amortization schedule
| Payment | Date | Amount | Principal | Interest | Extra | Balance |
|---|
Loan Calculator formula
Monthly payment = P × r ÷ [1 − (1 + r)⁻ⁿ], where P is the amount borrowed, r is the monthly interest rate, and n is the number of monthly payments.
For a 0% loan, the payment is the amount borrowed divided by the number of months.
Assumptions and limitations
- Payments are made once per month at a fixed annual interest rate.
- Results are estimates. A lender may use different rounding, fees, or payment dates.
- The calculation does not include taxes, insurance, or other costs unless a field specifically includes them.
Worked example
Example: $25,000 loan for five years
For a $25,000 loan at 7.5% annual interest over 60 months, the estimated monthly principal-and-interest payment is $500.95.
The 60 scheduled payments total about $30,057, including about $5,057 in interest. An origination fee changes the net proceeds but does not reduce the balance unless it is paid separately.
Frequently asked questions
What does the monthly loan payment include?
The scheduled payment includes principal and interest. Fees, insurance, late charges, and optional services are separate unless stated.
How do extra payments affect a loan?
Extra principal payments reduce the balance sooner. That can shorten the payoff time and reduce future interest when the lender applies the extra amount to principal.
Does an origination fee increase the payment?
This calculator shows the fee and estimated net proceeds separately. If a lender adds the fee to the financed balance, include it in the loan amount instead.
This calculator provides an estimate for planning and education. Actual lender calculations, fees, and payment dates may differ.