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Loan Payment Calculator

Enter a loan amount, interest rate, and term to instantly estimate your monthly payment and the total interest you'll pay over the life of the loan.

$
$0.00 / month
Principal borrowed
$0
Total interest paid
$0
Total of all payments
$0

How the loan payment calculator works

This tool uses the standard amortization formula for fixed-rate loans. Every month you pay the same total amount, but the split between interest and principal shifts over time: interest is charged on your remaining balance, so as the balance shrinks, more of each payment goes toward principal.

The formula

Monthly payment M = P · r(1 + r)n / ((1 + r)n − 1), where P is the amount borrowed, r is the monthly interest rate (your APR divided by 12), and n is the total number of monthly payments (years × 12).

Tips for using the results

  • Watch total interest, not just the monthly payment. A longer term lowers the payment but can sharply raise total interest.
  • Compare APRs across offers. Two loans with the same interest rate can cost different amounts once fees are included.
  • Round up your payment when you can — even a little extra each month shortens the loan and cuts interest.

Carrying high-interest debt instead? Use the Debt Payoff Calculator, and learn the difference between rates in What Is APR?

Frequently asked questions

How is a monthly loan payment calculated?
Fixed-rate loans use an amortization formula. Each payment covers that month's interest first, and the rest reduces your principal. Early on, more of the payment is interest; later, more goes to principal. The formula is: M = P · r(1+r)n / ((1+r)n − 1), where P is the principal, r is the monthly rate (APR ÷ 12), and n is the number of months.
Does this include taxes, insurance, or fees?
No. This estimates principal and interest only. Origination fees, taxes, and insurance are separate. For loans with fees, compare the APR rather than the interest rate, since APR folds those costs in.
How can I lower my monthly payment?
You can lower the payment by borrowing less, getting a lower rate, or choosing a longer term. Be careful with longer terms — a smaller monthly payment can mean much more total interest over the life of the loan.

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