Loan Payment Calculator

Estimate a fixed loan payment and total interest from the amount borrowed, annual interest rate, and repayment term.

Method and required inputs

Compare terms using the same loan amount and rate. A longer term can lower the payment while increasing total interest, so review both figures before choosing affordability.

The calculation uses the standard fixed-rate amortization method. Enter principal, annual percentage rate, and the number of monthly payments. The payment first covers accrued interest and then reduces principal; total interest is the sum of scheduled payments minus the original amount borrowed.

Read the complete result

Compare the same principal across shorter and longer terms. A lower monthly payment can result from stretching the term, but that normally increases total interest and keeps the debt outstanding longer. Check whether fees are financed or paid separately because financing a fee also creates interest.

Run a stress case

Stress the result with a higher rate, a smaller down payment, or a shorter affordable term. If the payment only works when every assumption is favorable, the loan may leave too little room for insurance, maintenance, emergencies, or other required obligations.

Limits and verification

The estimate assumes a fixed rate, equal monthly payments, no late charges, and no prepayment penalty. Actual lender disclosures control. APR can include certain finance charges and may not match the note rate used in a simple payment calculation.

This calculator is educational, not a quote, approval, guarantee, tax opinion, or individualized recommendation. Confirm material figures, current rules, and actual product terms before acting.

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