Loan Payment Calculator
Estimate the monthly payment and total interest for a fixed-rate loan using the principal, annual rate, and term.
Estimated result
Enter your detailsResults are educational estimates and do not include every fee, tax, or contract term.
Free to use. No account required. Your entries stay in this browser.
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Result visual
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How this loan payment calculator works
Formula used
The standard fixed-payment amortization formula applies a monthly rate across the selected number of payments. A zero-rate loan is divided evenly by the term.
How to read the result
Compare both the monthly payment and total interest. A longer term can lower the payment while increasing the total cost.
What the estimate leaves out
Origination fees, insurance, taxes, changing rates, balloon payments, and payment timing are not included unless a lender builds them into the principal.
Use the result as a starting point, then read how to compare personal-loan costs and risks. For formula details and test limits, see the calculator methodology.
Compare affordability with borrowing cost
The lowest monthly payment is not always the lowest-cost loan. Compare the required payment, total interest, fees, and the effect of any repeatable extra payment.
Read payment and total together
A longer term can make the payment easier to fit while keeping the balance outstanding longer and increasing total interest.
Keep fees visible
An upfront fee is part of the cash cost even when it is not financed. If a fee is deducted from proceeds, the amount you actually receive may also be lower.
Check the faster path
An additional monthly payment can shorten a fully amortizing loan, but only if the lender applies it to principal and allows prepayment without a charge.
Use realistic inputs
Copy the principal, interest rate, and number of scheduled payments from the offer. Enter lender fees separately instead of quietly adding them to the loan balance.
For the definitions and decisions behind these inputs, browse the debt payoff learning path.
Verify terms before acting
Compare the calculator with the lender disclosure. Taxes, insurance, optional products, variable rates, odd first periods, and balloon terms can change the real payment or cost.