Calculate the monthly payment on any fixed-rate loan — mortgage, auto, student, or personal — from the principal, annual interest rate, and tenure. See total interest, total payment, and a full month-by-month amortization schedule.
The vast majority of consumer loans — mortgages, auto loans, student loans, and personal loans — use a fixed-rate amortization structure: you pay one constant amount every month for the entire agreed term, calculated in advance so that by the final payment, both the principal you borrowed and all interest that accrued on it are exactly paid off. This predictability is precisely why lenders default to this structure: it lets borrowers plan one fixed monthly outflow into their budget for years or decades at a stretch, without needing to track a shifting repayment schedule or recalculate anything themselves as the loan progresses.
This calculator uses Payment = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is the principal loan amount, r is the monthly interest rate (your annual rate divided by 12 months and by 100 to convert a percentage into a decimal), and n is the total number of monthly payments. This formula derives from the mathematics of a reducing-balance loan: each month, interest accrues only on the remaining outstanding balance, not the original principal, and the formula solves for the single fixed payment amount that exactly amortizes that shrinking balance down to zero over exactly n payments. Because it's the industry-standard formula, this calculator's results should match your lender's own quoted payment for the same principal, rate, and tenure.
Each row of the schedule represents one month's payment, split into how much went toward interest (that month's opening balance multiplied by the monthly interest rate) and how much went toward principal (the remainder of the fixed payment). The balance column shows what's still owed after that month's payment posts. Because interest is always calculated on the current, shrinking balance, the interest portion of each payment decreases every month while the principal portion correspondingly grows — even though the total payment amount itself stays constant across the entire schedule. This is why amortization is front-loaded with interest: a large loan's very first payment can be predominantly interest, while its final payment is almost entirely principal.
The most practical use of a loan calculator is comparing real offers side by side rather than accepting the first quoted payment. Try the same principal and tenure across a couple of different rates you've been quoted, and look at the actual dollar difference in both monthly payment and total interest — small rate differences compound meaningfully over a long tenure like a mortgage. Similarly, try a couple of tenure lengths at the same rate to see the payment-versus-total-interest tradeoff directly: a shorter tenure raises the monthly payment but can save a substantial amount of total interest over the life of the loan. Making this tradeoff visible — rather than defaulting to whatever tenure a lender first suggests — is exactly what this calculator, and its full amortization schedule, is built for.
Loan Calculator handles one specific fixed-rate loan repayment calculation. These related calculators cover other everyday finance math you'll often need alongside it.