Loan Payment Calculator
Monthly payment, total interest and payoff total for any fixed-rate loan.
Enter your values
Enter the loan amount in $.
Enter the annual interest rate in %.
Enter the term in years.
Results update instantly as you type — no submit needed. Your values are remembered on this device, and the shareable link reopens the calculator with exactly these numbers.
- Monthly payment
- $500.95
- Total interest
- $5,056.92
- Total repaid
- $30,056.92
- Number of payments
- 60
Working
- 1Monthly rate = 0.625%
- 2Payments = 60 months
Quick answer
A fixed loan payment is P·r / (1 − (1+r)^−n), where P is the amount borrowed, r the monthly rate and n the number of monthly payments.
M = P·r / (1 − (1 + r)^−n)
At a glance
| What it does | Monthly payment, total interest and payoff total for any fixed-rate loan. |
|---|---|
| Category | Finance |
| Inputs needed | Loan amount, Annual interest rate, Term |
| Main output | Monthly payment |
| Formula | M = P·r / (1 − (1 + r)^−n) |
| Cost | Free — no sign-up, no download |
How to use the Loan Payment Calculator
- 1Enter how much you are borrowing.
- 2Add the annual rate and the term in years.
- 3Read the monthly payment and lifetime interest.
Inputs explained
- Loan amount($)
- Enter the loan amount in $.
- Annual interest rate(%)
- Enter the annual interest rate in %.
- Term(years)
- Enter the term in years.
Worked example
Using the values the calculator loads with:
Inputs
- Loan amount25000 $
- Annual interest rate7.5 %
- Term5 years
Results
- Monthly payment$500.95
- Total interest$5,056.92
- Total repaid$30,056.92
- Number of payments60
- Monthly rate = 0.625%
- Payments = 60 months
Frequently asked questions
Does this include fees?
No. It covers principal and interest only. Origination fees, insurance and taxes are added by the lender on top of this payment.
How do I lower the payment?
Extend the term, borrow less, or refinance at a lower rate. Extending the term lowers the payment but raises total interest.
What do I need to enter into the Loan Payment Calculator?
Just 3 values: loan amount, annual interest rate, term. Every field starts with a realistic example, so you can change one number at a time and watch the result update instantly.
How does the Loan Payment Calculator work out the answer?
A fixed loan payment is P·r / (1 − (1+r)^−n), where P is the amount borrowed, r the monthly rate and n the number of monthly payments. It applies the formula M = P·r / (1 − (1 + r)^−n) and shows the working so you can check each step by hand.
Is the Loan Payment Calculator free, and do I need an account?
It is completely free with no sign-up, no download and no usage limit. Everything is calculated in your browser, so the numbers you type never leave your device.
Results are estimates for general information. For medical, legal, structural or financial decisions, confirm with a qualified professional.