Loan Calculator
Calculate your monthly loan payment, total interest, and total repayment amount for any fixed-rate loan.
Inputs
Result
Fill in the fields to see your result.
Formula
Standard amortizing loan payment formula, where r is the monthly interest rate and n is the number of monthly payments.
M = P × [r(1+r)ⁿ] ÷ [(1+r)ⁿ − 1]Step-by-step
- 1
Enter the loan amount
The total amount you're borrowing.
- 2
Enter the annual interest rate
The yearly rate as a percentage.
- 3
Enter the loan term
How many years you'll take to repay it.
- 4
Read your monthly payment
See your fixed monthly payment plus total interest paid over the life of the loan.
Examples
$20,000 at 6.5% for 5 years
- loan Amount
- 20000
- interest Rate
- 6.5
- loan Term Years
- 5
≈ $391.32/month, $3,479 total interest