Loan Payment Calculator
Instantly estimate your monthly payment, total interest, and amortization schedule for any loan.
Summary
$2,212.24
$446,406
127.5% of principal
$796,406
—
360 payments
Excludes property taxes, insurance, and private mortgage insurance (PMI) — your full mortgage payment will be higher.
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The math runs entirely in your browser — the numbers you enter are never sent to our servers. They’re saved only on this device so they’re still here when you come back.
How this loan payment calculator works
The formula
M = P · r(1 + r)n / ((1 + r)n − 1)
- P
- the amount borrowed
- r
- the annual interest rate divided by 12
- n
- the number of monthly payments (years × 12)
- M
- the fixed monthly payment that brings the balance to exactly zero on the last payment
At a 0% rate the payment is simply P ÷ n.
Each month, interest is the current balance × r. The rest of the payment reduces principal. The schedule repeats that step until the balance reaches zero, and the totals add up every interest charge and every payment along the way.
An example with real numbers
Enter a $30,000 loan at 7% for 5 years. The monthly rate is 7% ÷ 12 ≈ 0.583%, and there are 60 payments. The 7% rate is an illustration, not a quote.
$594.04
$35,642.16
approximately
$5,642.16
In the first month, interest is $30,000 × 0.583% = $175.00, so $419.04 of the payment goes to principal and the balance drops to $29,580.96. Change the term to 3 years and the payment rises to $926.31, while total interest falls to $3,347.26.
Assumptions and how to read the result
- A fixed rate for the full term.
- Payments made on time every month, with no extra principal payments.
- Principal and interest only: property tax, insurance, mortgage insurance, origination fees, and late fees are not included.
- Lenders may round payments or count days differently, so a loan statement can differ from this estimate by a few cents or more.
The monthly payment shows what a loan costs each month; total interest shows what it costs over its life. Comparing both across terms or rates shows the trade-off between a lower payment and a lower overall cost. To see how extra payments change an existing loan, try the loan payoff calculator.
Tracking loans in Beyond Payday
On the free Beyond Payday plan, you enter each debt by hand with its rate and term and link it to the bill that pays it. The free Debt Payoff Planner compares avalanche and snowball orders, lets you add an extra monthly payment, and projects a debt-free date and total interest.
Frequently asked questions
Does the monthly payment include taxes and insurance?
No. The result is principal and interest only. Mortgage payments often also include property tax, homeowners insurance, and mortgage insurance held in escrow, and many loans carry fees. Those amounts are not part of this estimate.
Why is so much of each early payment interest?
Interest is charged on the balance still owed. At the start the balance is highest, so the interest portion is largest. As principal is paid down, less interest accrues each month and more of the same fixed payment goes toward principal.
How does a shorter term change the numbers?
A shorter term raises the monthly payment because principal is repaid over fewer months, but it usually lowers total interest because the balance is outstanding for less time. The example with real numbers on this page shows both effects for a 3-year and a 5-year term.
Is the interest rate the same as APR?
Not always. The rate used here is the annual interest rate on the loan. APR also folds in certain fees, so it can be higher than the interest rate. Entering an APR instead of the interest rate gives a slightly higher estimate than the actual payment.
Does this work for variable-rate loans?
Only as a snapshot. The calculator assumes one fixed rate for the whole term. If the rate on an adjustable loan changes, the real payment and total interest will differ from this estimate.
Estimates for education, not financial advice.
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Disclaimer: This calculator is for informational purposes only. Results are estimates based on your inputs. Actual loan terms and payments may vary. Consult a qualified financial professional before making financial decisions.