Loan Payment Calculator
Estimate monthly loan payments, total payment, and total interest.
Inputs
Loan Payment Calculator
Results update as you type.
Live result
Monthly payment
$489.15
Total payment
$29,349.22
Total interest
$4,349.22
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Need more detail?
Formula, examples, and FAQ stay tucked away until you need them.
FXFormula ExplanationThe core logic behind the numbers on this page.+
The formula for calculating monthly payments is based on the loan amount, monthly interest rate, and number of payments. It's calculated as: Monthly payment = principal x monthly rate / (1 - (1 + monthly rate)^(-number of months)). This formula assumes a fixed interest rate and equal monthly payments. By using this formula, you can accurately estimate your monthly payments and total interest over the life of the loan.
USEHow to UseA short path from input to result.+
- Enter the amount borrowed.
- Add the annual interest rate.
- Enter the repayment term in years.
EXExamplesReference scenarios to sanity-check your inputs.+
Example: A $25,000 loan at 6.5% over 5 years is about $489.15 per month.
FAQFAQCommon edge cases and quick clarifications.+
What does this calculator estimate?
This calculator estimates your monthly payment, total repayment, and total interest for a loan.
Does this calculator include taxes or fees?
No, it only estimates principal and interest unless those costs are included in the loan amount.
Can I use this calculator for variable-rate loans?
No, this calculator is designed for fixed-rate loans. For variable-rate loans, please consult a financial advisor.
What is the repayment term?
The repayment term is the number of years you have to repay the loan.
How do I use this calculator?
To use this calculator, simply enter the loan amount, annual interest rate, and repayment term, and click calculate.