Loan Payment Calculator
Quick answer
A loan payment calculator estimates your monthly payment using the loan amount, interest rate, and term. For a fixed-rate loan, enter those three values and it returns the monthly payment, the total interest over the life of the loan, and the total amount repaid. A longer term lowers the monthly payment but raises total interest.
Monthly payment
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Total interest
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Total repaid
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Estimate only, for a fixed-rate fully amortizing loan. Excludes fees and insurance.
How this calculator works
The calculator uses the standard amortization formula for a fixed-rate loan. Each monthly payment is the same, but the split between interest and principal shifts over time: early payments are mostly interest, and later ones mostly principal. The formula solves for the level payment that pays the loan to zero exactly at the end of the term.
Three inputs drive the result. The loan amount is what you borrow. The interest rate is the annual percentage rate, which the calculator converts to a monthly rate. The term is how many months you'll repay over. Change any one and watch how the monthly payment and total interest move.
The trade-off to watch
It's tempting to chase the lowest monthly payment, but a low monthly figure often hides a higher total cost. Stretching the same loan over a longer term shrinks each payment while quietly increasing the total interest you hand over. Before you pick a term, look at the total repaid figure, not just the monthly one. That total is what the loan actually costs you.
For more on choosing a loan and what to compare, see our guide to how installment loans work.
Frequently asked questions
How is a monthly loan payment calculated?+
A fixed-rate loan payment uses the amortization formula, which spreads principal and interest evenly across the term. The payment depends on three things: the loan amount, the interest rate, and the number of months. A higher rate or longer term changes the monthly figure and the total interest you pay.
Does a longer loan term mean a lower payment?+
Yes, but it's a trade-off. Stretching a loan over more months lowers each monthly payment, while increasing the total interest you pay over the life of the loan. A shorter term costs more per month but less overall.
Is this calculator's result exact?+
It's an estimate for a standard fixed-rate, fully amortizing loan. Actual payments can differ with fees, a different compounding method, insurance, or a variable rate. Always confirm the real figures with the lender before deciding.