Loan Payment Calculator
Estimate a fixed-rate loan's monthly payment and total interest using the principal, annual interest rate, and repayment term.
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Calculations happen instantly in your browser. No account, API, or data submission is required.
Finance calculator
Enter your numbers
Results update as you type. Amounts are shown in USD for convenience; use the same currency for all inputs.
Estimate assumes a fixed rate and equal monthly principal-and-interest payments.
Result
Enter the requested values to see your estimate.
Formulas
- Monthly rate = annual interest rate / 12
- Payment = principal × monthly rate × (1 + monthly rate)^payments / [(1 + monthly rate)^payments - 1]
- Total interest = (monthly payment × number of payments) - principal
Worked examples
$20,000 at 6% for 5 years
The estimated monthly principal-and-interest payment is about $386.66.
FAQ
What does the loan payment estimate include?
It estimates principal and interest for equal monthly payments. It does not include taxes, insurance, lender fees, or a changing interest rate.
How is a zero-interest loan calculated?
The principal is divided evenly across the number of monthly payments.