Loan Payment Calculator
Estimate the monthly payment on any fixed-rate loan.
Inputs
Output
Fill in every field to see the monthly payment.
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About Loan Payment Calculator
The Loan Payment Calculator works out the monthly payment on any fixed-rate loan, such as a car loan, personal loan or student loan. It also shows the total amount repaid and the total interest, so you can see the true cost of borrowing.
How to use it
- Enter the loan amount.
- Enter the annual interest rate as a percentage.
- Enter the loan term in years.
- Review the monthly payment, total paid and total interest.
Good to know
- Payments are calculated as equal monthly installments with interest compounded monthly.
- Origination fees and other charges are not included. Check the lender's APR, which accounts for fees, when comparing offers.
- An interest rate of 0% is supported and simply divides the loan evenly across the months.
- Results are estimates for planning and comparison. They are not financial advice, and a lender or adviser may calculate figures differently.
Common questions
Why is the total interest so high on long loans?
Interest is charged on the outstanding balance every month, so the longer the balance stays high, the more interest builds up. Shorter terms or extra payments reduce it.
What is the difference between interest rate and APR?
The interest rate is the cost of borrowing the principal. APR adds certain fees on top, which is why it is usually a little higher and a better basis for comparing lenders.