Loan Payment Calculator
Estimate monthly loan payments, total payment, and total interest.
Finance and pricing
Finance
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
Scenario compare
Save scenario A, change a few inputs, then save scenario B.
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Change one or two inputs to compare a second scenario before using the number.
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 loan payment calculator uses a formula to calculate monthly payments based on the loan amount, monthly interest rate, and number of payments. The formula is: Monthly payment = principal x monthly rate / (1 - (1 + monthly rate)^(-number of months)). This formula assumes a fixed interest rate and equal monthly payments.
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.