Loan Calculator
Work out the payment on a loan, what it costs in total, and how the balance falls year by year.
Runs entirely in your browser. Nothing is uploaded, logged or stored.
Payment
1,199.10
- Total paid
- 431,676.38
- Total interest
- 231,676.38
- Amount borrowed
- 200,000.00
Year by year
| Year | Paid | Interest | Principal | Balance left |
|---|---|---|---|---|
| 1 | 14,389.21 | 11,933.19 | 2,456.02 | 197,543.98 |
| 2 | 14,389.21 | 11,781.71 | 2,607.51 | 194,936.47 |
| 3 | 14,389.21 | 11,620.88 | 2,768.33 | 192,168.14 |
| 4 | 14,389.21 | 11,450.14 | 2,939.08 | 189,229.06 |
| 5 | 14,389.21 | 11,268.86 | 3,120.35 | 186,108.71 |
| 6 | 14,389.21 | 11,076.41 | 3,312.81 | 182,795.91 |
| 7 | 14,389.21 | 10,872.08 | 3,517.13 | 179,278.77 |
| 8 | 14,389.21 | 10,655.15 | 3,734.06 | 175,544.71 |
| 9 | 14,389.21 | 10,424.84 | 3,964.37 | 171,580.34 |
| 10 | 14,389.21 | 10,180.33 | 4,208.89 | 167,371.45 |
| 11 | 14,389.21 | 9,920.73 | 4,468.48 | 162,902.97 |
| 12 | 14,389.21 | 9,645.13 | 4,744.09 | 158,158.88 |
| 13 | 14,389.21 | 9,352.52 | 5,036.69 | 153,122.19 |
| 14 | 14,389.21 | 9,041.87 | 5,347.34 | 147,774.85 |
| 15 | 14,389.21 | 8,712.06 | 5,677.16 | 142,097.69 |
| 16 | 14,389.21 | 8,361.90 | 6,027.31 | 136,070.38 |
| 17 | 14,389.21 | 7,990.15 | 6,399.06 | 129,671.31 |
| 18 | 14,389.21 | 7,595.47 | 6,793.74 | 122,877.57 |
| 19 | 14,389.21 | 7,176.45 | 7,212.77 | 115,664.81 |
| 20 | 14,389.21 | 6,731.58 | 7,657.63 | 108,007.17 |
| 21 | 14,389.21 | 6,259.27 | 8,129.94 | 99,877.23 |
| 22 | 14,389.21 | 5,757.84 | 8,631.38 | 91,245.86 |
| 23 | 14,389.21 | 5,225.47 | 9,163.74 | 82,082.12 |
| 24 | 14,389.21 | 4,660.27 | 9,728.94 | 72,353.17 |
| 25 | 14,389.21 | 4,060.21 | 10,329.00 | 62,024.17 |
| 26 | 14,389.21 | 3,423.14 | 10,966.07 | 51,058.10 |
| 27 | 14,389.21 | 2,746.78 | 11,642.43 | 39,415.67 |
| 28 | 14,389.21 | 2,028.70 | 12,360.51 | 27,055.16 |
| 29 | 14,389.21 | 1,266.33 | 13,122.88 | 13,932.27 |
| 30 | 14,389.21 | 456.94 | 13,932.27 | 0.00 |
The payment is the easy part. The number worth looking at is the total interest, and the year-by-year table underneath it, which shows how little of an early payment actually reduces what you owe.
How it works
Every payment is the same size. Each one first covers the interest accrued since the last payment, and whatever is left reduces the balance. Because the balance falls, the interest share falls with it and the principal share grows — slowly at first, then quickly near the end.
The annual rate is divided by the number of payments a year to get the rate per payment, which is how a lender quotes an annuity loan. Paying more often therefore costs slightly less overall, because the balance falls sooner.
Examples
| Case | Input | Result |
|---|---|---|
| A thirty-year loan | 200,000 at 6% over 30 years, monthly | 1,199.10 a month, 231,676.38 of interest |
| A car over five years | 25,000 at 4.5% over 5 years, monthly | 466.08 a month, 2,964.53 of interest |
Frequently asked questions
Why is so much of my early payment interest?
Because interest is charged on what you still owe, and at the start you owe almost everything. On a thirty-year loan at 6%, the first payment is roughly five parts interest to one part principal. That ratio inverts over the term.
Does this include fees, insurance or taxes?
No. It computes the loan itself. Arrangement fees, insurance and local taxes vary by lender and by country, so inventing them would make the answer worse rather than more complete. Add them yourself, or use the mortgage calculator, which has a field for the monthly ones.
Is this the APR?
No. The rate here is the nominal annual rate applied to the balance. An annual percentage rate folds fees into a single comparable figure and is defined differently from one jurisdiction to another.
Good to know
- Amounts carry no currency: the answer is in whatever you put in.
- Results use double precision floating point arithmetic. That is exact enough to decide with and is not an accounting record.