Loan Payment Calculator
Estimate the monthly payment for a fixed-rate installment loan using principal, annual percentage rate and term. The calculator also reports total interest paid over the life of the loan.
Monthly payment$483.32
Total repayment$28,999.20
Total interest$3,999.20
How this tool works
Payment = P × r × (1+r)^n ÷ ((1+r)^n − 1), where r is the monthly rate and n is the number of monthly payments.
Example
A $25,000 loan at 6% for 60 months is amortized across 60 equal principal-and-interest payments.
Common questions
Can this calculate a zero-interest loan?
Yes. With a 0% rate, principal is divided evenly across the number of payments.
Are origination fees included?
No. Add lender fees separately.