Calculate your monthly loan payments, total interest, and full amortization schedule. Free mortgage calculator with equal installment and equal principal repayment options.
Our free Loan Calculator helps you estimate monthly payments, total interest, and full amortization schedules for mortgages, auto loans, and personal loans. Choose between equal installment (fixed monthly payment) or equal principal (decreasing monthly payment) repayment methods. All calculations happen instantly in your browser — no data is sent to any server.
Equal installment (amortization) means your monthly payment stays the same throughout the loan term, but the proportion of principal vs. interest changes each month. Equal principal means you pay the same amount of principal each month, so your total payment decreases over time as the interest portion shrinks. Equal installment is more common for mortgages.
For equal installment loans, the monthly payment is calculated using the formula: PMT = P × [r(1+r)^n] / [(1+r)^n - 1], where P is the principal, r is the monthly interest rate, and n is the total number of payments.
An amortization schedule is a table showing each payment over the life of the loan. It breaks down each payment into principal and interest portions, and shows the remaining balance after each payment. It helps you understand exactly how much you are paying in interest over time.
No, this calculator shows only the principal and interest portion of your loan payment. For a complete mortgage estimate, you should add property taxes, homeowners insurance, and any HOA fees to the monthly payment shown here.
Yes, this calculator works for any fixed-rate loan including auto loans, personal loans, and student loans. Simply enter the loan amount, interest rate, and term to see your payment schedule.