Loan Payment Calculator

What this calculator does

This calculator estimates the monthly payment for a fixed-rate installment loan. It also shows the total interest and total amount paid over the loan term. It can help compare loan sizes, interest rates, and repayment terms before you request an official quote.

Inputs and results

Loan amount is the principal borrowed before interest. Annual interest rate is the APR entered as a percentage. Loan term is the number of years used to repay the loan.

The monthly payment is the estimated principal-and-interest payment. Total interest is the amount paid above the original principal. Total amount paid is the monthly payment multiplied by the number of months.

How the calculation works

For loans with interest, the calculator converts the annual rate to a monthly rate and spreads the principal over equal monthly payments. If the interest rate is 0%, it simply divides the principal by the number of months.

Worked example

For a $10,000 loan at 6% APR for 3 years, the estimated monthly payment is about $304.22. Across 36 payments, the total paid is about $10,951.90, with about $951.90 going to interest.

Tips for interpreting results

This estimate does not include taxes, insurance, origination fees, late fees, prepayment penalties, or rate changes. A longer term usually lowers the monthly payment but can increase total interest. An official lender disclosure is the source to use before signing a loan agreement.