How to use this calculator
- Enter the loan amount, annual interest rate, and term in years.
- Pick a repayment mode: annuity keeps the payment constant; equal principal starts higher, declines monthly, and charges less total interest.
- Review the payment, total interest, and schedule — export the table to CSV with one click.
The formula
Annuity: M = A×i×(1+i)^n / [(1+i)^n − 1]
A = loan principal, i = monthly rate (annual ÷ 12), n = number of months. With equal principal, the principal is divided evenly across months and interest is charged on the remaining balance.
Frequently asked questions
Which repayment mode should I choose?
Annuity (fixed payment) is easier to budget and cheaper early on; equal principal costs less total interest but requires higher early payments. Choose based on your cash-flow headroom.
How much of my income should the payment be?
A common guideline is to keep total housing costs under 40–50% of gross monthly income and keep 3–6 months of expenses as an emergency fund.
Does this include taxes, insurance, or extra payments?
No — this tool models principal and interest only. To see how extra monthly payments shorten the loan, use the Early Payoff calculator.
What if my rate is variable?
Re-run the numbers whenever your rate resets, or try several rate scenarios to stress-test affordability.
Disclaimer Results are for reference only and do not constitute financial, tax, or legal advice. Actual rates, returns, and fees depend on the terms of your financial institution.