Loan Calculator
Estimate the monthly repayment and total interest for a fixed-rate installment loan.
FREE ONLINE CALCULATOR
Loan Calculator
Change the settings below to calculate your result. You can check the assumptions further down this page.
Monthly payment = principal × monthly rate / (1 − (1 + monthly rate)^(-number of payments)).
How to use this loan calculator
Choose the amount borrowed, nominal annual interest rate and loan term. The payment is modeled as a fixed amount at the end of each month.
Formula and calculation method
Monthly payment = principal × monthly rate / (1 − (1 + monthly rate)^(-number of payments)).
Worked example
Comparing different terms shows the trade-off between smaller payments and total interest over the life of the loan.
Understanding the result
The same borrowed principal can produce very different monthly payments depending on the length of the term. Choosing a longer term normally lowers each payment but increases the total amount of interest paid, assuming the rate stays unchanged.
When to use this calculator
Compare loan quotations using the amount borrowed, fees, interest rate and repayment schedule. A lender may use a disclosed APR that differs from the nominal rate used in this simplified payment calculator.
What the results do not include
Does not include fees, late charges, optional insurance or variable-rate changes.
Frequently asked questions
What happens with zero interest?
Each scheduled payment is principal divided by the total number of months.
Can I model extra payments?
Use the Loan Payoff Calculator for a fixed extra monthly amount.
For education and estimates only. Check any contractual, tax, banking or employment terms that apply to your situation. The calculations are not financial advice or guaranteed returns.