Loan Payment Calculator

Estimate your monthly payment, total repayment and interest cost using a fixed loan amount, APR and term.

How the loan payment calculation works

For a fixed-rate amortizing loan, the payment is based on the principal, the monthly interest rate and the number of monthly payments. A longer term usually reduces the monthly payment but increases the total interest paid.

Example

A $20,000 loan at 7.5% APR for five years produces a fixed monthly payment estimate. The result also shows the estimated total amount repaid and the portion attributable to interest.

What APR means

APR is the annual percentage rate. This calculator converts the annual rate to a monthly rate for the payment estimate. Fees, origination charges, variable rates, taxes and insurance are not included unless they are already built into the amount you enter.

Use this result as a comparison tool

Try different rates and terms to see how the payment and interest change. That makes it easier to compare loan offers on the same principal amount.

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Compare the payment with other common money decisions using QuickTools Hub.

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Add this loan calculator to your website

Personal-finance publishers, lending guides and employee-resource sites can embed this calculator free with QuickTools attribution.