Loan Payment Calculator

Calculate your estimated monthly payment, total interest, and total repayment for a fixed-rate loan.

Enter Your Loan Details
Your Loan Payment Result
Estimated monthly payment
Loan Amount
Total Interest
Total Repayment

Results are estimates for a fixed-rate loan with equal monthly payments. Actual lender charges, fees, taxes, insurance, and payment schedules may vary.

How Does This Loan Payment Calculator Work?

Enter the loan amount, annual interest rate, and loan term. The calculator estimates the equal monthly payment, total interest, and total repayment for the selected term.

Loan Payment Formula

Payment = P × r × (1 + r)ⁿ ÷ [(1 + r)ⁿ − 1]

P is the loan amount, r is the monthly interest rate, and n is the total number of monthly payments. For a 0% interest loan, the loan amount is divided by the number of months.

Frequently Asked Questions About Loan Payments

Does a longer loan term lower the monthly payment?

Usually, yes. A longer term spreads repayment over more months, which can lower the monthly payment but may increase the total interest paid.

Can this calculator handle a 0% interest loan?

Yes. Enter 0 as the annual interest rate. The calculator divides the loan amount equally across the selected number of monthly payments.

Does this loan calculator include fees or other charges?

No. It calculates principal and interest only. Lender fees, taxes, insurance, and other charges are not included unless they are already part of the loan amount you enter.