Loan calculator: monthly payment, interest and remaining capital
Know what you will pay each month, how much of it is interest, and how much capital is left, before you sign or while you repay.
How a monthly loan payment is calculated
With the standard monthly method, the lender takes your yearly rate, divides it by 12, and applies it to the remaining capital each month. The fixed payment is:
payment = capital × r ÷ (1 − (1 + r)−n)
where r is the yearly rate divided by 12 and n is the number of months.
Worked example
| Capital | 100,000 |
|---|---|
| Yearly rate | 12% (1% per month) |
| Term | 12 months |
| Monthly payment | 8,884.88 |
| Total interest | 6,618.55 |
In the first month interest is 1,000.00 (1% of 100,000) and 7,884.88 goes to capital. Each month interest falls a little because the remaining capital is lower.
What Loan Reminder App adds
- Four calculation methods: Standard Monthly, Actual Days (360), Actual Days (365) and Annual Interest.
- Bank fee support, so you see the real cost of the loan.
- Several currencies (for example HTG, DOP and USD) and separate workspaces for personal and business loans.
- A payment history where you mark each month as paid.
- PDF export you can share or email.
Frequently asked questions
Is the loan calculator free?
Yes. Loan Reminder App is currently free to use. Open the web app and add your own loans.
Which calculation method should I choose?
Use the one your lender uses. Check your contract: some banks use a fixed 30-day month, others use the actual number of days in each month on a 360 or 365 day year.
Can I track more than one loan?
Yes. Loans are grouped in workspaces, and the home screen shows the totals of remaining capital by currency.
Open the free web app, add a loan, and see your schedule, interest and the effect of extra payments.
Open Loan Reminder App