Loan Payment Calculator
Estimate monthly loan payments.
Enter your numbers and press Calculate.
About the Loan Payment Calculator
This calculator finds the fixed monthly payment on an installment loan from the amount borrowed, the annual interest rate, and the term in months, using the standard amortization formula. It also shows total interest over the life of the loan.
The same math applies to personal loans, auto loans, and student loans. The APR, which folds in certain fees, is usually a better cost comparison than the interest rate alone.
How this works
PMT = P·r / (1 − (1+r)⁻ⁿ), r = annual rate / 12
Assumptions
- Fixed interest rate.
- Level monthly payments.
- No fees or prepayment penalties.
Frequently asked questions
What is the difference between APR and interest rate?
The interest rate applies to the balance; the APR also includes certain upfront fees expressed as an annual rate, so it reflects more of the borrowing cost.
How does the term affect the payment?
A longer term lowers the monthly payment but increases total interest paid, because the balance is outstanding longer.
Can I reduce total interest?
Extra payments toward principal, or a shorter term, both reduce the total interest, since interest accrues on a smaller balance for less time.
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This calculator provides estimates for educational purposes only and is not personalized financial advice. Rates, taxes, and financial products change — verify with providers and qualified professionals.