Why is the final payment different from the others?

Because each month is rounded to the cent, the tiny differences accumulate over the term. The last payment is whatever clears the remaining balance exactly, so it is usually a few cents off the others.

Does paying extra early save more than paying extra later?

Yes, substantially. An overpayment removes interest on that amount for every remaining month, so the earlier it lands the more months it cancels.

Is APR the same as the interest rate?

No. APR is intended to include fees and charges as well as interest, so it is usually higher than the nominal rate. Enter the nominal rate here; comparing two APRs is the right way to compare two offers.

Is this the same as an EMI calculator?

Yes. An EMI (equated monthly instalment) uses the same fixed-rate formula the page applies: P × r(1 + r)^n ÷ ((1 + r)^n − 1), where r is the annual rate ÷ 12 and n is the number of months. It suits fixed-rate car or personal loans repaid in equal monthly amounts, not variable-rate loans.

Loan Calculator

Work out the monthly payment on a loan and see the full amortisation schedule, including how much of each payment is interest and what overpaying saves.

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391.32 per month

60 payments · 3,479.43 total interest

Monthly payment391.32final payment 391.55

Total interest3,479.4317.4% of the amount borrowed

Total paid23,479.4360 payments

First payment split108.33 interest282.99 principal

Amortization schedule
Month	Payment	Interest	Principal	Balance
1	391.32	108.33	282.99	19,717.01
2	391.32	106.80	284.52	19,432.49
3	391.32	105.26	286.06	19,146.43
4	391.32	103.71	287.61	18,858.82
5	391.32	102.15	289.17	18,569.65
6	391.32	100.59	290.73	18,278.92
7	391.32	99.01	292.31	17,986.61
8	391.32	97.43	293.89	17,692.72
9	391.32	95.84	295.48	17,397.24
10	391.32	94.24	297.08	17,100.16
11	391.32	92.63	298.69	16,801.47
12	391.32	91.01	300.31	16,501.16
13	391.32	89.38	301.94	16,199.22
14	391.32	87.75	303.57	15,895.65
15	391.32	86.10	305.22	15,590.43
16	391.32	84.45	306.87	15,283.56
17	391.32	82.79	308.53	14,975.03
18	391.32	81.11	310.21	14,664.82
19	391.32	79.43	311.89	14,352.93
20	391.32	77.75	313.57	14,039.36
21	391.32	76.05	315.27	13,724.09
22	391.32	74.34	316.98	13,407.11
23	391.32	72.62	318.70	13,088.41
24	391.32	70.90	320.42	12,767.99
25	391.32	69.16	322.16	12,445.83
26	391.32	67.41	323.91	12,121.92
27	391.32	65.66	325.66	11,796.26
28	391.32	63.90	327.42	11,468.84
29	391.32	62.12	329.20	11,139.64
30	391.32	60.34	330.98	10,808.66
31	391.32	58.55	332.77	10,475.89
32	391.32	56.74	334.58	10,141.31
33	391.32	54.93	336.39	9,804.92
34	391.32	53.11	338.21	9,466.71
35	391.32	51.28	340.04	9,126.67
36	391.32	49.44	341.88	8,784.79
37	391.32	47.58	343.74	8,441.05
38	391.32	45.72	345.60	8,095.45
39	391.32	43.85	347.47	7,747.98
40	391.32	41.97	349.35	7,398.63
41	391.32	40.08	351.24	7,047.39
42	391.32	38.17	353.15	6,694.24
43	391.32	36.26	355.06	6,339.18
44	391.32	34.34	356.98	5,982.20
45	391.32	32.40	358.92	5,623.28
46	391.32	30.46	360.86	5,262.42
47	391.32	28.50	362.82	4,899.60
48	391.32	26.54	364.78	4,534.82
49	391.32	24.56	366.76	4,168.06
50	391.32	22.58	368.74	3,799.32
51	391.32	20.58	370.74	3,428.58
52	391.32	18.57	372.75	3,055.83
53	391.32	16.55	374.77	2,681.06
54	391.32	14.52	376.80	2,304.26
55	391.32	12.48	378.84	1,925.42
56	391.32	10.43	380.89	1,544.53
57	391.32	8.37	382.95	1,161.58
58	391.32	6.29	385.03	776.55
59	391.32	4.21	387.11	389.44
60	391.55	2.11	389.44	0.00

How this is calculated

payment = P × r(1 + r)^n ÷ ((1 + r)^n − 1), r = 6.5% ÷ 12, n = 60. Interest for each month is the outstanding balance × the monthly rate, rounded to the cent, and the rest of the payment reduces the balance; the final payment is whatever clears the balance exactly, so it can differ from the others by a few cents. A 0% loan divides the amount equally. Extra payments go straight to principal and shorten the term.

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About Loan Calculator

A monthly payment figure on its own hides most of what a loan costs. This works out the payment and then shows the whole schedule, so you can see how the split between interest and principal shifts over the term and what an overpayment actually saves. Free online, no login, no data retained. The schedule is produced in the page from figures you control.

How to use Loan Calculator

Enter the amount, rate and termThe rate is the annual nominal rate; the calculator converts it to a monthly one.
Read the scheduleEvery row is one payment, with the interest, the principal and the balance remaining. Early payments are mostly interest, which is why the balance falls slowly at first.
Try an overpaymentAdding a regular extra amount goes straight to principal and shortens the term. The saving is usually larger than people expect, because it removes the interest that would have accrued on that balance for the rest of the loan.

What it does not do

This assumes a fixed rate and equal monthly payments. A variable rate, an interest-only period, a fee rolled into the balance or a payment holiday all change the outcome and none are modelled.
Lenders differ in rounding and in day-count conventions, so a real statement may differ from this by a few units of currency over a long term.
It is arithmetic on the numbers you enter, not financial advice, and it does not know your tax position or what a lender will actually offer you.

Loan Calculator: questions people ask

Why is the final payment different from the others?: Because each month is rounded to the cent, the tiny differences accumulate over the term. The last payment is whatever clears the remaining balance exactly, so it is usually a few cents off the others.
Does paying extra early save more than paying extra later?: Yes, substantially. An overpayment removes interest on that amount for every remaining month, so the earlier it lands the more months it cancels.
Is APR the same as the interest rate?: No. APR is intended to include fees and charges as well as interest, so it is usually higher than the nominal rate. Enter the nominal rate here; comparing two APRs is the right way to compare two offers.
Is this the same as an EMI calculator?: Yes. An EMI (equated monthly instalment) uses the same fixed-rate formula the page applies: P × r(1 + r)^n ÷ ((1 + r)^n − 1), where r is the annual rate ÷ 12 and n is the number of months. It suits fixed-rate car or personal loans repaid in equal monthly amounts, not variable-rate loans.

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