Loan Payment Calculator
See your monthly payment, total interest and total cost on any fixed-rate loan.
Inputs
Result
Visual breakdown
Formula
Monthly payment = P × r × (1+r)n ÷ ((1+r)n − 1), where r = APR/12 and n = months.
How to use
- Enter the loan amount you'll borrow.
- Enter the APR (annual percentage rate).
- Enter the term in years.
- Read the monthly payment, total interest and total cost.
When it's useful
- Comparing offers on a car loan, personal loan or student loan.
- Checking what term you can afford each month.
- Seeing how a lower rate or shorter term cuts total interest.
- Budgeting before you apply.
Common examples
Frequently asked
Does APR include fees?
If you enter an APR that already includes lender fees, results reflect that. The interest rate without fees gives the lower bound.
Are extra payments included?
Not in this version — extra principal payments shorten the term and lower total interest. We'll add them soon.
Why is total interest so high on long loans?
Interest compounds on the remaining balance, which stays high early in the term. Shorter terms or extra payments dramatically reduce it.
What's the difference between APR and interest rate?
Interest rate is the cost of borrowing the principal. APR adds lender fees and shows the true annual cost — use APR to compare offers.
Fixed vs variable rate?
Fixed rates stay the same for the full term. Variable rates can change, which makes payments unpredictable.
How does my credit score affect the rate?
Higher scores usually unlock lower rates. Even a small rate drop can save thousands over a multi-year loan.
People also calculate
More money & work →Estimates only. Real loans may include fees, escrow and rate changes. Confirm with your lender.