The monthly payment is calculated using the standard loan payment formula that accounts for the loan amount, interest rate, and loan term. The formula is: P = (r * PV) / (1 - (1 + r)^-n), where P is the payment, r is the monthly interest rate, PV is the loan amount, and n is the number of payments.

This calculator provides results based on your regular scheduled payments. If you plan to make extra payments, you would need to recalculate with a reduced loan amount or shorter term to see the impact on interest savings.

An amortization schedule is a table that shows each loan payment over time, breaking down how much of each payment goes toward principal vs. interest. It also shows the remaining balance after each payment.

Yes, this calculator works for various loan types including personal loans, auto loans, and mortgages. It uses standard loan payment calculations applicable to most installment loans.