Find your monthly payment, total interest, and total cost for any fixed-rate loan.
Uses the standard amortization formula. The final year's numbers may differ by a few cents from a pure formula calculation because real lenders round each monthly payment, and this calculator does too.
This loan calculator uses the standard amortization formula lenders use to compute a fixed monthly payment: M = P × r(1+r)^n / ((1+r)^n − 1), where P is the loan amount, r is the monthly interest rate, and n is the number of payments. It correctly handles 0% interest loans as a special case, since the standard formula breaks down mathematically at exactly zero interest.
Using the standard fixed-rate amortization formula, based on your loan amount, annual interest rate, and term. The same math banks and lenders use.
Amortized loans front-load interest — in the first year you owe interest on nearly the full balance, so more of each payment goes to interest. As the balance shrinks, more of each payment goes to principal.
Yes — it's handled as a special case, since the general loan formula is mathematically undefined at exactly 0% interest.