Loan Calculator uses the standard PMT amortization formula to compute monthly payment, total payment, and total interest for a loan given the principal, annual interest rate, and term. An amortization table shows the first 60 months (or all months for shorter loans).
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $299.71 | $258.04 | $41.67 | $9,741.96 |
| 2 | $299.71 | $259.12 | $40.59 | $9,482.84 |
| 3 | $299.71 | $260.20 | $39.51 | $9,222.64 |
| 4 | $299.71 | $261.28 | $38.43 | $8,961.36 |
| 5 | $299.71 | $262.37 | $37.34 | $8,698.99 |
| 6 | $299.71 | $263.46 | $36.25 | $8,435.53 |
| 7 | $299.71 | $264.56 | $35.15 | $8,170.97 |
| 8 | $299.71 | $265.66 | $34.05 | $7,905.30 |
| 9 | $299.71 | $266.77 | $32.94 | $7,638.53 |
| 10 | $299.71 | $267.88 | $31.83 | $7,370.65 |
| 11 | $299.71 | $269.00 | $30.71 | $7,101.65 |
| 12 | $299.71 | $270.12 | $29.59 | $6,831.54 |
| 13 | $299.71 | $271.24 | $28.46 | $6,560.29 |
| 14 | $299.71 | $272.37 | $27.33 | $6,287.92 |
| 15 | $299.71 | $273.51 | $26.20 | $6,014.41 |
| 16 | $299.71 | $274.65 | $25.06 | $5,739.76 |
| 17 | $299.71 | $275.79 | $23.92 | $5,463.97 |
| 18 | $299.71 | $276.94 | $22.77 | $5,187.02 |
| 19 | $299.71 | $278.10 | $21.61 | $4,908.93 |
| 20 | $299.71 | $279.26 | $20.45 | $4,629.67 |
| 21 | $299.71 | $280.42 | $19.29 | $4,349.25 |
| 22 | $299.71 | $281.59 | $18.12 | $4,067.67 |
| 23 | $299.71 | $282.76 | $16.95 | $3,784.91 |
| 24 | $299.71 | $283.94 | $15.77 | $3,500.97 |
| 25 | $299.71 | $285.12 | $14.59 | $3,215.85 |
| 26 | $299.71 | $286.31 | $13.40 | $2,929.54 |
| 27 | $299.71 | $287.50 | $12.21 | $2,642.03 |
| 28 | $299.71 | $288.70 | $11.01 | $2,353.33 |
| 29 | $299.71 | $289.90 | $9.81 | $2,063.43 |
| 30 | $299.71 | $291.11 | $8.60 | $1,772.32 |
| 31 | $299.71 | $292.32 | $7.38 | $1,479.99 |
| 32 | $299.71 | $293.54 | $6.17 | $1,186.45 |
| 33 | $299.71 | $294.77 | $4.94 | $891.69 |
| 34 | $299.71 | $295.99 | $3.72 | $595.69 |
| 35 | $299.71 | $297.23 | $2.48 | $298.47 |
| 36 | $299.71 | $298.47 | $1.24 | $0.00 |
The standard PMT (payment) formula: PMT = P × r × (1+r)^n / ((1+r)^n - 1), where P is principal, r is the monthly interest rate, and n is the number of payments.
No. This calculator shows the pure principal + interest payment. Property taxes, insurance, PMI, and origination fees aren't included — consult a financial advisor for a full cost picture.
For each of the first 60 months (or all months for shorter loans), it shows the payment split between principal and interest, and the remaining balance after that payment.
This is normal amortization behavior — interest is calculated on the remaining balance, which is highest at the start, so early payments are interest-heavy and later payments are principal-heavy.
Yes — the PMT formula applies to any fixed-rate, fixed-term amortizing loan, including mortgages, auto loans, and personal loans.
The tool lets you toggle the term input between years and months, so you can enter the term in whichever unit your loan documents use.
It's mathematically exact for a fixed-rate loan with the entered principal, rate, and term — assuming no extra payments, rate changes, or fees are applied.
