Calculate monthly payments, total interest, and amortization schedule for any loan.
| Year | Payment | Principal | Interest | Balance |
|---|
Monthly payment uses the standard amortization formula: M = P × [r(1+r)^n] / [(1+r)^n – 1], where P is the principal, r is the monthly interest rate, and n is the total number of payments.
The interest rate is the cost of borrowing. APR (Annual Percentage Rate) includes the interest rate plus other fees and costs, giving a more complete picture of the total cost. This calculator uses the interest rate.