Free tool · Personal Finance
Loan payment calculator
Calculates the fixed monthly payment on a loan, how much you will repay in total and how much of that is interest.
General education, not financial advice. Your situation may differ. Disclaimer.
Everything is calculated in your browser. Nothing you type is sent to us or anyone else, and nothing is stored.
How it works
This is the standard formula for a fixed-rate loan repaid in equal monthly instalments, the way most car, personal and student loans work.
Early payments are mostly interest; later ones mostly repay the balance.
Payment = amount × r ÷ (1 − (1 + r)⁻ⁿ), where r is the yearly rate ÷ 12 and n the number of months
Worked example
A loan of 15,000 at 7.5% over 60 months costs 300.57 a month: 18,034.15 in total, of which 3,034.15 is interest.
Limits
- Fees, insurance and variable rates are not included. Use the APR from your loan offer for the closest result.
- Lenders may round payments slightly differently.
Questions
Is a shorter term always better?
It costs less interest in total but means higher monthly payments. Choose the shortest term whose payment you can keep up comfortably.
What's the difference between APR and interest rate?
APR includes certain fees as well as interest, so it is the better number for comparing offers.