Loan & Installment Calculator with Amortization Schedule
Loan & Installment Calculator M = P·i(1+i)^n / ((1+i)^n − 1)
Find the first payment, the fixed amount and the total interest. The repayment schedule breaks down the balance, principal, interest and payment for each month.
The calculator above computes monthly installments for car or home loans and builds a full amortization schedule with principal and interest for every month.
Formulas used
M = P · r(1 + r)ⁿ / ((1 + r)ⁿ − 1)
r = annual rate / 12
- Equal installments: the payment is constant, the interest share falls each month.
- Reducing balance with fixed principal: principal paid is constant, the payment falls each month.
Worked example
Borrow 100,000 at 12% per year (r = 1% per month) for 12 months:
M ≈ 8,884.88 per month
Enter the same values in the calculator above to see every step of the solution.
How to use the calculator
- Enter the loan amount, the annual interest rate, and the loan term in months.
- Press the calculate button. The result appears instantly.
- Read the step-by-step solution, rendered with KaTeX, to check your own work.