Loan payment calculator
What monthly principal and interest payment follows from an entered fixed-rate loan?
A teaching example in the units shown below.
These authored example inputs illustrate the calculation. Replace them with your own documented amounts, periods and rates; they are not measured industry averages or available offers.
Amount borrowed, before repayments.
Fixed interest rate, not fee-inclusive APR. Use the actual offered rate for a decision.
Equal payments at each month end. The 1–1,200 month range is a calculation limit, not a lender term limit.
Your entered scenario
Starting exampleCalculation updated using the entered assumptions.
Inspect all 60 monthly payments
| Month | Opening balance | Payment | Principal | Interest | Closing balance |
|---|---|---|---|---|---|
| 1 | $25,000.00 | $506.91 | $340.24 | $166.67 | $24,659.76 |
| 2 | $24,659.76 | $506.91 | $342.51 | $164.40 | $24,317.25 |
| 3 | $24,317.25 | $506.91 | $344.79 | $162.11 | $23,972.45 |
| 4 | $23,972.45 | $506.91 | $347.09 | $159.82 | $23,625.36 |
| 5 | $23,625.36 | $506.91 | $349.41 | $157.50 | $23,275.95 |
| 6 | $23,275.95 | $506.91 | $351.74 | $155.17 | $22,924.21 |
| 7 | $22,924.21 | $506.91 | $354.08 | $152.83 | $22,570.13 |
| 8 | $22,570.13 | $506.91 | $356.44 | $150.47 | $22,213.69 |
| 9 | $22,213.69 | $506.91 | $358.82 | $148.09 | $21,854.87 |
| 10 | $21,854.87 | $506.91 | $361.21 | $145.70 | $21,493.66 |
| 11 | $21,493.66 | $506.91 | $363.62 | $143.29 | $21,130.04 |
| 12 | $21,130.04 | $506.91 | $366.04 | $140.87 | $20,764.00 |
| 13 | $20,764.00 | $506.91 | $368.48 | $138.43 | $20,395.51 |
| 14 | $20,395.51 | $506.91 | $370.94 | $135.97 | $20,024.57 |
| 15 | $20,024.57 | $506.91 | $373.41 | $133.50 | $19,651.16 |
| 16 | $19,651.16 | $506.91 | $375.90 | $131.01 | $19,275.26 |
| 17 | $19,275.26 | $506.91 | $378.41 | $128.50 | $18,896.85 |
| 18 | $18,896.85 | $506.91 | $380.93 | $125.98 | $18,515.92 |
| 19 | $18,515.92 | $506.91 | $383.47 | $123.44 | $18,132.45 |
| 20 | $18,132.45 | $506.91 | $386.03 | $120.88 | $17,746.42 |
| 21 | $17,746.42 | $506.91 | $388.60 | $118.31 | $17,357.82 |
| 22 | $17,357.82 | $506.91 | $391.19 | $115.72 | $16,966.63 |
| 23 | $16,966.63 | $506.91 | $393.80 | $113.11 | $16,572.83 |
| 24 | $16,572.83 | $506.91 | $396.42 | $110.49 | $16,176.41 |
| 25 | $16,176.41 | $506.91 | $399.07 | $107.84 | $15,777.34 |
| 26 | $15,777.34 | $506.91 | $401.73 | $105.18 | $15,375.61 |
| 27 | $15,375.61 | $506.91 | $404.41 | $102.50 | $14,971.21 |
| 28 | $14,971.21 | $506.91 | $407.10 | $99.81 | $14,564.11 |
| 29 | $14,564.11 | $506.91 | $409.82 | $97.09 | $14,154.29 |
| 30 | $14,154.29 | $506.91 | $412.55 | $94.36 | $13,741.74 |
| 31 | $13,741.74 | $506.91 | $415.30 | $91.61 | $13,326.44 |
| 32 | $13,326.44 | $506.91 | $418.07 | $88.84 | $12,908.38 |
| 33 | $12,908.38 | $506.91 | $420.85 | $86.06 | $12,487.52 |
| 34 | $12,487.52 | $506.91 | $423.66 | $83.25 | $12,063.86 |
| 35 | $12,063.86 | $506.91 | $426.48 | $80.43 | $11,637.38 |
| 36 | $11,637.38 | $506.91 | $429.33 | $77.58 | $11,208.05 |
| 37 | $11,208.05 | $506.91 | $432.19 | $74.72 | $10,775.86 |
| 38 | $10,775.86 | $506.91 | $435.07 | $71.84 | $10,340.79 |
| 39 | $10,340.79 | $506.91 | $437.97 | $68.94 | $9,902.82 |
| 40 | $9,902.82 | $506.91 | $440.89 | $66.02 | $9,461.93 |
| 41 | $9,461.93 | $506.91 | $443.83 | $63.08 | $9,018.10 |
| 42 | $9,018.10 | $506.91 | $446.79 | $60.12 | $8,571.31 |
| 43 | $8,571.31 | $506.91 | $449.77 | $57.14 | $8,121.54 |
| 44 | $8,121.54 | $506.91 | $452.77 | $54.14 | $7,668.78 |
| 45 | $7,668.78 | $506.91 | $455.78 | $51.13 | $7,212.99 |
| 46 | $7,212.99 | $506.91 | $458.82 | $48.09 | $6,754.17 |
| 47 | $6,754.17 | $506.91 | $461.88 | $45.03 | $6,292.29 |
| 48 | $6,292.29 | $506.91 | $464.96 | $41.95 | $5,827.33 |
| 49 | $5,827.33 | $506.91 | $468.06 | $38.85 | $5,359.26 |
| 50 | $5,359.26 | $506.91 | $471.18 | $35.73 | $4,888.08 |
| 51 | $4,888.08 | $506.91 | $474.32 | $32.59 | $4,413.76 |
| 52 | $4,413.76 | $506.91 | $477.48 | $29.43 | $3,936.28 |
| 53 | $3,936.28 | $506.91 | $480.67 | $26.24 | $3,455.61 |
| 54 | $3,455.61 | $506.91 | $483.87 | $23.04 | $2,971.73 |
| 55 | $2,971.73 | $506.91 | $487.10 | $19.81 | $2,484.64 |
| 56 | $2,484.64 | $506.91 | $490.35 | $16.56 | $1,994.29 |
| 57 | $1,994.29 | $506.91 | $493.61 | $13.30 | $1,500.68 |
| 58 | $1,500.68 | $506.91 | $496.91 | $10.00 | $1,003.77 |
| 59 | $1,003.77 | $506.91 | $500.22 | $6.69 | $503.55 |
| 60 | $503.55 | $506.91 | $503.55 | $3.36 | $0.00 |
Formula and interpretation
Monthly rate = nominal annual rate ÷ 12
Payment = principal × monthly rate ÷ [1 − (1 + monthly rate)^(−months)]
At a zero interest rate, payment = principal ÷ months.
The schedule repays the entered principal over the entered term. Each month separates interest from the amount reducing principal.
The schedule carries calculation precision and rounds only displayed amounts. Your lender's cent-by-cent ledger may differ.
Definitions and sources
These references support the definitions and calculation boundaries. The starting numerical example is authored for arithmetic; each available business preset has its own evidence and limitations.
- PMT payment conventions — Microsoft. Supports fixed rates, equal period-end payments, consistent monthly units and excluded fees. Accessed September 5, 2026.
- Interest rate versus APR — Consumer Financial Protection Bureau. Explains that interest and fee-inclusive APR measure different borrowing costs. Accessed September 5, 2026.
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