Simple Loan Payment Calculator

Before you get a loan, it’s important to know just how much debt you can afford. Our simplified loan payment calculator does all the heavy lifting to help you discover what your monthly payment could be. Just input the principal balance of your loan, the interest rate, and the number of years. Having an idea of your monthly payment can help when you’re putting together a budget. You might find that you have enough money left over to make extra payments. In the end, you might even be able to develop a plan to get ahead of your debt.

Having an idea of your monthly payment can help when you’re putting together a budget. You might find that you have enough money left over to make extra payments. In the end, you might even be able to develop a plan to get ahead of your debt.

How do you calculate a loan payment?

Our loan payment calculator breaks down your principal balance by month and applies the interest rate your provide. Because this is a simple loan payment calculator, we cover amortization behind the scenes. If you would prefer a loan payment calculator that delves into the granular details (such as amortization) than please consider our more robust loan calculator.

What is amortization?

In the context of a loan, amortization is when you pay off a debt on a regular, fixed schedule. Often, within the first few years, the bulk of your monthly payments will go toward interest. Say you have an auto loan with a monthly payment of $500. Your first month’s payment might breakdown into $350 toward interest and $150 toward the principal.

Additional loan payment calculators

In addition to this simple loan payment calculator, we also offer tools for helping you determine your monthly mortgage, auto, and credit card payments.