FinanceUpdated 2026-04-12
Loan Payment Calculator
Enter a loan amount, annual interest rate, and term to estimate your monthly payment.
Result
Monthly payment
$489.15
Total payment
$29,349.22
Total interest
$4,349.22
Formula Explanation
Monthly payment = principal x monthly rate / (1 - (1 + monthly rate)^(-number of months)).
How to Use
- Enter the amount borrowed.
- Add the annual interest rate.
- Enter the repayment term in years.
Examples
Example: A $25,000 loan at 6.5% over 5 years is about $489.15 per month.
FAQ
Does this calculator include taxes or fees?
No. It estimates principal and interest only unless those costs are included in the loan amount.
Can the interest rate be zero?
Yes. If the rate is zero, the calculator divides the principal evenly across the term.