Loan Payment Calculator
Estimate your monthly loan payment in seconds.
About this tool
Estimate a fixed loan payment from the amount borrowed, annual interest rate, and term in months or years. For interest-bearing loans, the calculator applies the standard amortization formula: payment = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P is principal, r is the monthly rate, and n is the number of monthly payments. A zero-rate loan is simply principal divided by months. A $20,000 car loan at 6% for 5 years is about $386.66 per month and roughly $3,200 in total interest. A $12,000 interest-free loan over 24 months is $500 monthly. Try several terms when comparing a mortgage, auto loan, or personal loan: a longer term usually lowers the payment but raises total interest. Results include the monthly payment, total amount paid, and total interest. They assume a constant rate and regular monthly payments. Fees, taxes, insurance, changing rates, and early payments are not included, so lender disclosures may differ.
How to use
Fill in "Loan Amount ($)" and "Annual Interest Rate (%)."
Give the "Loan Term," and set "Term Unit" to years or months.
Choose "Calculate Payment" to see the monthly payment, total paid, and total interest.