Calculate your exact monthly payment and see the full month-by-month repayment schedule for any loan.
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Enter the loan amount, your annual interest rate, and the loan term in years. The calculator instantly shows your monthly payment and a full month-by-month amortization schedule — every row tells you exactly how much of your payment reduces the principal and how much goes to interest.
Monthly payment M = P × [r(1+r)^n] / [(1+r)^n − 1], where P is the loan principal, r is the monthly interest rate (annual rate ÷ 12 ÷ 100), and n is the total number of monthly payments (years × 12). If the interest rate is 0%, the formula simplifies to M = P / n.
Each month, interest is charged on the remaining balance. The rest of your fixed payment goes toward principal. Because the balance decreases over time, the interest portion shrinks and the principal portion grows — even though your payment stays the same. This is called a fully amortizing loan.
The Extra monthly payment field lets you model the impact of paying more than the minimum. Extra payments go directly to principal, reducing the balance faster and cutting the total interest you owe. Even $50 or $100 extra per month can save thousands over the life of a 5-year personal loan or a 60-month auto loan.
A loan amortization schedule is a complete table of every monthly payment for the life of your loan. Each row shows the payment amount, how much reduces the principal, how much is interest, and the remaining balance after that payment.
A $10,000 personal loan at 8% annual interest over 3 years results in approximately $313.36 per month. Total interest paid: about $1,281. Use the calculator above for your exact figures.
No — your monthly payment stays the same, but extra payments reduce the principal faster so the loan is paid off sooner. The schedule will show fewer rows than the original term.