Free calculator
Loan Payment Calculator
Enter an amount, an interest rate, and a term to get the equal monthly payment on a fixed-rate loan. The tool also reports what the loan costs in total and how much of that is interest.
The lowest rates are only available to the most qualified applicants.
Advertising disclosure: Loancalculated may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. Read the full disclosure.
Enter your numbers and press Calculate. Nothing you type leaves your browser.
The lowest rates are only available to the most qualified applicants.
Advertising disclosure: Loancalculated may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. Read the full disclosure.
How this calculator works
Fixed-rate installment loans use the same payment for every period. This tool computes that payment and the two totals that follow from it.
Payment = P × i ÷ (1 − (1 + i)−n)
- P — the amount financed
- i — the monthly rate (annual rate ÷ 1,200)
- n — the number of monthly payments
Total paid is the payment multiplied by n. Total interest is that figure minus P.
Stretch the term and the payment falls while the interest bill grows. Shorten it and the reverse happens.
Enter the rate you want to test; rates depend on the lender and your credit profile, so the output is an estimate.