Loan Calculator

Use this loan calculator to estimate monthly payment, total interest, total paid, and number of payments for a fixed-rate installment loan. It is best for simple amortized scenarios where the loan amount, APR, and term are known.

How to use this calculator

Enter the loan amount, interest rate as APR, and loan term in years. The calculator returns the monthly payment, total interest, total paid, and total number of monthly payments. Try several terms to see how the payment and total cost move in opposite directions.

Formula

For loans with interest, the monthly payment is:

$payment = P \times r \times (1 + r)^n \div ((1 + r)^n - 1)$

P is principal, r is monthly interest rate, and n is the number of months. If the APR is zero, the calculator divides principal by months.

Worked example

A 25,000 dollar loan at 7.5 percent APR for 5 years has 60 payments. The estimated monthly payment is about 500.95 dollars, total interest is about 5,056.92 dollars, and total paid is about 30,056.92 dollars.

Comparing loan options

Monthly payment is only one part of affordability. Check total interest, fees, and whether the rate is fixed. For specific use cases, compare the personal loan calculator, auto loan calculator, and mortgage calculator. For budget impact, pair the result with the debt-to-income calculator.