Loan payment calculator
Estimate a fixed monthly loan payment, total interest and total repayment from a loan amount, annual rate and term.
Result for the values shown.
Calculations run in your browser.
What to enter
| Input | Meaning and units |
|---|---|
| Loan amount | Enter loan amount using the definition in the method and example. |
| Annual interest rate (%) | Enter percentage units: 5 means 5%, not a fraction of 0.05. |
| Loan term (months) | Enter loan term in months; use the same basis as the other measurements. |
Understanding your result
The outputs describe the mathematical scenario you entered. Assumed rates, timing and included costs determine the result; an estimate is not an offer or eligibility decision.
Common mistakes
- Mixing annual and monthly periods, or leaving out a cost that the model does not include.
Check your calculation
- Compare a simple one-period or zero-change case with hand arithmetic before applying a longer scenario.
Calculation checks, sources and review limits
How much would I pay each month on a fixed-rate loan?
Use the loan amount, fixed nominal annual rate and number of monthly payments to estimate a level monthly payment. The estimate excludes fees, taxes and insurance.
Common uses
- Compare monthly payments for different loan terms.
- Estimate total interest on a fixed-rate loan.
How it works
The payment amortizes the balance with a constant monthly rate equal to the nominal annual rate divided by 12. Payments occur at the end of each month. At zero interest, the payment is the principal divided by the number of months. Interest accrues on the remaining balance; internal amounts are unrounded.
Worked example
A 10,000 loan at 6% nominal annual interest for 36 months has an estimated monthly payment of 304.22.