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Simple Loan Calculator
Simple Loan Calculator with amortization schedule to estimate the monthly payment for any loan. The simple mortgage calculator requires only three variables, loan amount, terms, and interest rate.
Simple Loan Summary |
|
Loan Amount: |
$75,000.00 |
Monthly Payment: |
$1,079.53 |
Total # Of Payments: |
84 |
Start Date: |
Nov, 2025 |
Payoff Date: |
Oct, 2032 |
Total Interest Paid: |
$15,680.86 |
Total Payment: |
$90,680.86 |
Simple Loan Amortization Schedule |
||||||
| Payment Date | Payment # | Interest Paid | Principal Paid | Total Payment | Remaining Balance | |
|---|---|---|---|---|---|---|
| Nov, 2025 | 1 | $346.88 | $732.66 | $1,079.53 | $74,267.34 | |
| Dec, 2025 | 2 | $343.49 | $736.05 | $1,079.53 | $73,531.29 | |
| Jan, 2026 | 3 | $340.08 | $739.45 | $1,079.53 | $72,791.84 | |
| Feb, 2026 | 4 | $336.66 | $742.87 | $1,079.53 | $72,048.97 | |
| Mar, 2026 | 5 | $333.23 | $746.31 | $1,079.53 | $71,302.66 | |
| Apr, 2026 | 6 | $329.77 | $749.76 | $1,079.53 | $70,552.90 | |
| May, 2026 | 7 | $326.31 | $753.23 | $1,079.53 | $69,799.68 | |
| Jun, 2026 | 8 | $322.82 | $756.71 | $1,079.53 | $69,042.97 | |
| Jul, 2026 | 9 | $319.32 | $760.21 | $1,079.53 | $68,282.76 | |
| Aug, 2026 | 10 | $315.81 | $763.73 | $1,079.53 | $67,519.03 | |
| Sep, 2026 | 11 | $312.28 | $767.26 | $1,079.53 | $66,751.77 | |
| Oct, 2026 | 12 | $308.73 | $770.81 | $1,079.53 | $65,980.96 | |
| Nov, 2026 | 13 | $305.16 | $774.37 | $1,079.53 | $65,206.59 | |
| Dec, 2026 | 14 | $301.58 | $777.95 | $1,079.53 | $64,428.64 | |
| Jan, 2027 | 15 | $297.98 | $781.55 | $1,079.53 | $63,647.09 | |
| Feb, 2027 | 16 | $294.37 | $785.17 | $1,079.53 | $62,861.92 | |
| Mar, 2027 | 17 | $290.74 | $788.80 | $1,079.53 | $62,073.12 | |
| Apr, 2027 | 18 | $287.09 | $792.45 | $1,079.53 | $61,280.68 | |
| May, 2027 | 19 | $283.42 | $796.11 | $1,079.53 | $60,484.57 | |
| Jun, 2027 | 20 | $279.74 | $799.79 | $1,079.53 | $59,684.77 | |
| Jul, 2027 | 21 | $276.04 | $803.49 | $1,079.53 | $58,881.28 | |
| Aug, 2027 | 22 | $272.33 | $807.21 | $1,079.53 | $58,074.07 | |
| Sep, 2027 | 23 | $268.59 | $810.94 | $1,079.53 | $57,263.13 | |
| Oct, 2027 | 24 | $264.84 | $814.69 | $1,079.53 | $56,448.44 | |
| Nov, 2027 | 25 | $261.07 | $818.46 | $1,079.53 | $55,629.98 | |
| Dec, 2027 | 26 | $257.29 | $822.25 | $1,079.53 | $54,807.73 | |
| Jan, 2028 | 27 | $253.49 | $826.05 | $1,079.53 | $53,981.69 | |
| Feb, 2028 | 28 | $249.67 | $829.87 | $1,079.53 | $53,151.82 | |
| Mar, 2028 | 29 | $245.83 | $833.71 | $1,079.53 | $52,318.11 | |
| Apr, 2028 | 30 | $241.97 | $837.56 | $1,079.53 | $51,480.55 | |
| May, 2028 | 31 | $238.10 | $841.44 | $1,079.53 | $50,639.11 | |
| Jun, 2028 | 32 | $234.21 | $845.33 | $1,079.53 | $49,793.78 | |
| Jul, 2028 | 33 | $230.30 | $849.24 | $1,079.53 | $48,944.55 | |
| Aug, 2028 | 34 | $226.37 | $853.17 | $1,079.53 | $48,091.38 | |
| Sep, 2028 | 35 | $222.42 | $857.11 | $1,079.53 | $47,234.27 | |
| Oct, 2028 | 36 | $218.46 | $861.08 | $1,079.53 | $46,373.19 | |
| Nov, 2028 | 37 | $214.48 | $865.06 | $1,079.53 | $45,508.13 | |
| Dec, 2028 | 38 | $210.48 | $869.06 | $1,079.53 | $44,639.08 | |
| Jan, 2029 | 39 | $206.46 | $873.08 | $1,079.53 | $43,766.00 | |
| Feb, 2029 | 40 | $202.42 | $877.12 | $1,079.53 | $42,888.88 | |
| Mar, 2029 | 41 | $198.36 | $881.17 | $1,079.53 | $42,007.71 | |
| Apr, 2029 | 42 | $194.29 | $885.25 | $1,079.53 | $41,122.46 | |
| May, 2029 | 43 | $190.19 | $889.34 | $1,079.53 | $40,233.12 | |
| Jun, 2029 | 44 | $186.08 | $893.46 | $1,079.53 | $39,339.66 | |
| Jul, 2029 | 45 | $181.95 | $897.59 | $1,079.53 | $38,442.07 | |
| Aug, 2029 | 46 | $177.79 | $901.74 | $1,079.53 | $37,540.33 | |
| Sep, 2029 | 47 | $173.62 | $905.91 | $1,079.53 | $36,634.42 | |
| Oct, 2029 | 48 | $169.43 | $910.10 | $1,079.53 | $35,724.32 | |
| Nov, 2029 | 49 | $165.22 | $914.31 | $1,079.53 | $34,810.02 | |
| Dec, 2029 | 50 | $161.00 | $918.54 | $1,079.53 | $33,891.48 | |
| Jan, 2030 | 51 | $156.75 | $922.79 | $1,079.53 | $32,968.69 | |
| Feb, 2030 | 52 | $152.48 | $927.05 | $1,079.53 | $32,041.64 | |
| Mar, 2030 | 53 | $148.19 | $931.34 | $1,079.53 | $31,110.30 | |
| Apr, 2030 | 54 | $143.89 | $935.65 | $1,079.53 | $30,174.65 | |
| May, 2030 | 55 | $139.56 | $939.98 | $1,079.53 | $29,234.67 | |
| Jun, 2030 | 56 | $135.21 | $944.32 | $1,079.53 | $28,290.35 | |
| Jul, 2030 | 57 | $130.84 | $948.69 | $1,079.53 | $27,341.66 | |
| Aug, 2030 | 58 | $126.46 | $953.08 | $1,079.53 | $26,388.58 | |
| Sep, 2030 | 59 | $122.05 | $957.49 | $1,079.53 | $25,431.09 | |
| Oct, 2030 | 60 | $117.62 | $961.92 | $1,079.53 | $24,469.18 | |
| Nov, 2030 | 61 | $113.17 | $966.36 | $1,079.53 | $23,502.81 | |
| Dec, 2030 | 62 | $108.70 | $970.83 | $1,079.53 | $22,531.98 | |
| Jan, 2031 | 63 | $104.21 | $975.32 | $1,079.53 | $21,556.65 | |
| Feb, 2031 | 64 | $99.70 | $979.83 | $1,079.53 | $20,576.82 | |
| Mar, 2031 | 65 | $95.17 | $984.37 | $1,079.53 | $19,592.45 | |
| Apr, 2031 | 66 | $90.62 | $988.92 | $1,079.53 | $18,603.53 | |
| May, 2031 | 67 | $86.04 | $993.49 | $1,079.53 | $17,610.04 | |
| Jun, 2031 | 68 | $81.45 | $998.09 | $1,079.53 | $16,611.95 | |
| Jul, 2031 | 69 | $76.83 | $1,002.70 | $1,079.53 | $15,609.25 | |
| Aug, 2031 | 70 | $72.19 | $1,007.34 | $1,079.53 | $14,601.91 | |
| Sep, 2031 | 71 | $67.53 | $1,012.00 | $1,079.53 | $13,589.91 | |
| Oct, 2031 | 72 | $62.85 | $1,016.68 | $1,079.53 | $12,573.23 | |
| Nov, 2031 | 73 | $58.15 | $1,021.38 | $1,079.53 | $11,551.85 | |
| Dec, 2031 | 74 | $53.43 | $1,026.11 | $1,079.53 | $10,525.74 | |
| Jan, 2032 | 75 | $48.68 | $1,030.85 | $1,079.53 | $9,494.89 | |
| Feb, 2032 | 76 | $43.91 | $1,035.62 | $1,079.53 | $8,459.27 | |
| Mar, 2032 | 77 | $39.12 | $1,040.41 | $1,079.53 | $7,418.86 | |
| Apr, 2032 | 78 | $34.31 | $1,045.22 | $1,079.53 | $6,373.63 | |
| May, 2032 | 79 | $29.48 | $1,050.06 | $1,079.53 | $5,323.58 | |
| Jun, 2032 | 80 | $24.62 | $1,054.91 | $1,079.53 | $4,268.67 | |
| Jul, 2032 | 81 | $19.74 | $1,059.79 | $1,079.53 | $3,208.87 | |
| Aug, 2032 | 82 | $14.84 | $1,064.69 | $1,079.53 | $2,144.18 | |
| Sep, 2032 | 83 | $9.92 | $1,069.62 | $1,079.53 | $1,074.56 | |
| Oct, 2032 | 84 | $4.97 | $1,074.56 | $1,079.53 | $0.00 | |
What Is a Simple Loan?
A simple loan is a type of installment loan where you get a lump sum of money from a lender and repay it with equal monthly payments over a set period of time. The interest rate is fixed, the monthly payment never changes, and the loan ends once the final payment is made.
How Simple Loan Works?
Simple loans are easy to understand and calculate. Following are the main features of a simple loan.
- Fixed Monthly Payments - Your monthly payments are the same throughout the loan which makes budgeting easier.
- Clear Start and End Date - Simple loans have a defined timeline so you know when the loan will be pay off.
- Simple Interest - Interest is based only on the amount you borrowed, not compounding interest.
- Widely Available - Most banks, credit unions, and online lenders offer simple loans making it accessible for most people.
Where Can You Get a Simple Loan?
If you have strong credit score, banks and credit unions offer the lowest interest rate. For borrowers whose credit scores are less than perfect, you can shop with online lenders that offers convenient applications and usually fast approval. Simple loans are also offered by peer-to-peer online lenders where loans are funded by individual investors.
What Affects Your Simple Loan Terms?
There are many factors that may affect the interest rate you get for a simple loan.
- Credit Score - A higher credit score usually means lower interest and better terms.
- Income Stability - Lenders want to see you have consistent income and verifiable employment.
- Debt-to-Income Ratio - DTI is a ratio that lenders check. The lower the better.
- Loan Purpose - Depending on the purpose of the loan, your interest rate and terms might vary.
- Term Length - The longer the term, the lower the monthly payments, but higher borrowing costs.
Are There Any Fees in Simple Loans?
Before you apply or sign the final contract, read the terms carefully and make sure there are no hidden fees. Following are some common fees that are associated with simple loans.
- Origination Fees - Upfront cost to process your loan application.
- Late Payment Fees - Charged when your payment is late.
- Prepayment Penalties - Some lenders charge a fee when you pay off the loan earlier than the set date.
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