Free online Loan Calculator. Input loan amount, annual rate and term, auto-calculates monthly payment and total interest. Supports Equal Installment and Equal Principal repayment methods, with detailed amortization schedule. | No Sign-up Β· Data Never Leaves Your Device
Zero Dependencies Β· Works OfflineLoan Parameters
Enter loan amount, annual rate, and term; select repayment method
Payment Overview
Amortization Schedule (First 12 Periods)
| Period | Monthly | Principal | Interest | Remaining Principal |
|---|
* Shows first 12 periods only; full schedule can be extrapolated
Equal Installment vs Equal Principal
| Item | Equal Installment | Equal Principal |
|---|---|---|
| Monthly Payment | Fixed | Decreasing |
| total interest | Higher | Lower |
| Initial Burden | Lower | Higher |
| Best For | Stable income earners | Those with ample initial funds |
How to Use
1. Input loan amount (e.g. 100000).
2. Input annual rate (e.g. 4.9%).
3. Select loan term (e.g., 30 years).
4. Select Repayment Method: Equal Installment or Equal Principal.
5. Click Calculate to view monthly payment, total interest and amortization schedule.
FAQ
Which is better: Equal Installment or Equal Principal?
Equal Principal has lower total interest, but higher initial payment burden. Equal Installment has stable monthly payments, suitable for those with stable income. For example, a 1M loan over 30 years at 4.9%: Equal Principal saves about 170K in interest compared to Equal Installment.
Is early repayment worth it?
Equal Installment has higher interest portion in early periods β the earlier you repay, the more interest you save. Equal Principal interest decreases over time, so early repayment later saves less. It's recommended to make early repayments within the first 1/3 of the loan term for maximum benefit.
How is monthly rate calculated?
Monthly Rate = Annual Rate Γ· 12. For example, with an annual rate of 4.9%, the monthly rate is approximately 0.4083%. This calculator automatically converts internally.