How do I calculate a loan payment?

Multiply the loan balance by the monthly interest rate, then divide by 1 minus (1 + monthly rate) raised to the negative number of payments. This gives the fixed monthly payment.

Loan Payment Calculator

Estimate payments, total interest, and total cost for a general loan.

This tool runs in your browser. None of your data is saved or sold.

Loan amount ($)

Annual rate (%)

Years (years)

Payments per year (years)

About This Calculator

Use this calculator any time you're comparing loan offers, budgeting for a new purchase, or trying to understand the true cost of borrowing. Enter the loan amount, annual interest rate, and repayment term and the calculator instantly shows your periodic payment, total amount repaid, and total interest charged over the life of the loan.

Estimates only — not financial, tax, legal, or investment advice. Verify important results with a qualified professional before making decisions.

PMT = P × r / (1 − (1+r)^−N); total paid = PMT × N; total interest = total paid − P — where r = annual rate ÷ payments/year, N = years × payments/year