Loan Payment Calculator
Use this tool to find the monthly payment on a fixed-rate installment loan. Provide an amount, a rate and a term, and it reports the payment, the total interest and the sum you repay.
Enter your numbers and press Calculate. Nothing you type leaves your browser.
How this calculator works
The tool answers one question only: how much is due each month? It relies on the amortization equation that lenders use for fixed-rate installment loans.
M = P * r * (1 + r)^n / ((1 + r)^n - 1)
- M = monthly payment
- P = principal, the amount financed
- r = monthly interest rate = annual rate / 12 / 100
- n = number of monthly payments
Stretch the term and the monthly figure falls while total interest climbs, because interest runs for more months. Shorten it and the opposite happens.
Type your own rate. Since rates hinge on the lender, your credit profile and the loan type, treat the output as an estimate rather than a quote.
Common questions
How is the payment different from the total cost?
The payment is the sum that leaves your account each month. The total cost is every one of those payments added up, which folds in the interest charged on top of the principal.
Will it work for a mortgage or a car loan?
It will. Any fixed-rate installment loan with level monthly payments fits the equation. The dedicated auto, student and home-equity tools add fields such as a down payment or extra payments.
What does a 0% rate do to the payment?
The equation collapses to P / n: the amount borrowed divided by the number of months. Total interest comes out at zero.
Is the smallest payment the cheapest loan?
No. A small payment usually signals a long term and more months of interest. Weigh the total interest next to the monthly figure.