Loan payment calculator
Enter the loan amount, interest rate and term to see the fixed monthly payment and how much interest you pay by the last installment.
Loading the tool…
Processing and privacy: The result is calculated inside your browser and your data is not sent to any server.
How to use it
- Enter loan amount, annual interest rate, loan term and term unit.
- The result appears straight away and updates as you edit.
- Copy the result, or copy a link that keeps the same values to share it.
How it is calculated
Payment = P × r ÷ (1 − (1 + r)^−n), where P is the loan amount, r the annual rate ÷ 12 and n the number of months. At 0% the payment is P ÷ n.
Example
Inputs: Loan amount = 100,000, Annual interest rate = 6 %, Loan term = 30, Term unit = Years. Result: Monthly payment: 599.55; Total paid: 215,838.19; Total interest: 115,838.19.
Limits and caveats
- Assumes equal monthly payments and a fixed rate charged on the declining balance for the whole term.
- Leaves out admin fees, insurance or taxes a lender may add.
Questions about this tool
Is the rate annual or monthly?
Enter the annual rate the lender quotes. The calculator divides it by 12 to get the monthly rate.
Why is the interest so high on long loans?
Interest is charged every month on the remaining balance, and a longer term keeps that balance high for longer.
Does it work for flat-rate loans?
No, it uses the declining balance method. For flat quotes use the flat rate to APR converter, or the flat option in the auto loan calculator.