Loan Calculator: Monthly Payment and Amortization Schedule
Work out the monthly payment and total cost of a personal loan, car loan or mortgage in seconds, and see how principal and interest split over the term.
For information only — not a loan offer or financial advice.
Loan calculator
Monthly payment
$622.12
Total repayment
$22,396.48
Total interest
$2,396.48
| Year | Principal | Interest | Balance left |
|---|---|---|---|
| 1 | $6,174.89 | $1,290.60 | $13,825.11 |
| 2 | $6,654.26 | $811.23 | $7,170.85 |
| 3 | $7,170.85 | $294.64 | $0.00 |
For information only — not credit, investment or tax advice.
Comparing loan offers by the interest rate alone can be misleading: the term changes how much interest you pay in total. This calculator uses the standard amortizing (annuity) formula to work out your fixed monthly payment, total repayment and total interest, and shows how much principal and interest you pay in each year of the loan.
Everything is calculated in your browser, and the numbers you type are not sent anywhere. Fees, insurance and taxes that lenders may add are not included, so treat the result as an estimate and check the lender's repayment schedule for exact figures. If you want the result explained or want to compare scenarios, you can ask Ryna.
How it works
- 1
Enter amount and term
Type the amount you want to borrow and the number of months.
- 2
Add the annual rate
Enter the nominal annual interest rate from the offer.
- 3
Review the result
Monthly payment, total repayment and total interest update instantly, with a yearly schedule below.
Why Ryna AI
- Fixed monthly payment: the standard annuity formula used for amortizing loans.
- Year-by-year schedule: see how principal and interest split over the term.
- Private: the calculation runs in your browser; amounts and rates are not stored.
- Ask Ryna: compare terms and rates and get the result explained in plain language.
Turkish loan levies: how KKDF and BSMV hit the payment
In Türkiye two levies — KKDF (a resource utilisation support fund) and BSMV (a banking and insurance transactions tax) — are charged not on the principal but on the INTEREST paid each month. Both run at 15% on consumer and vehicle loans, so the monthly rate a bank advertises reaches your instalment carrying roughly 30% more interest burden. Mortgages are exempt from both, which is why a mortgage at the same headline rate has a lower payment. The calculator applies this automatically for the loan type you pick and shows the levy share in its own box.
How a loan payment is calculated: the formula
For an amortising (annuity) loan the payment is: payment = A × i × (1+i)^n / ((1+i)^n − 1), where A is the amount borrowed, n the term in months and i the monthly rate as a decimal. The same formula is what spreadsheets call PMT: =PMT(rate, nper, -amount). Total interest is the payment times the number of months, minus the principal. The result excludes arrangement fees, credit life insurance and other charges a lender may add, so ask the lender for the annual cost rate before comparing offers.
Frequently asked questions
How is a monthly loan payment calculated?
For fixed-payment loans, the payment comes from the annuity formula, which spreads principal and interest into equal monthly amounts over the term. The monthly rate is the annual rate divided by 12.
Does a longer term lower the total cost?
A longer term lowers the monthly payment but usually raises the total interest, because the balance is repaid more slowly. Compare both figures in the calculator.
Why can my lender's figure differ?
Lenders may add fees and insurance, use a different interest convention or set a different first payment date. This page gives an estimate for information only.