Calculate monthly loan payments, total interest, and view amortization schedule. Free online loan payment calculator.
The amortizing loan payment formula, written two ways. They are the same equation:
M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1) M = P × r ÷ (1 − (1 + r)^-n) P = principal borrowed r = monthly interest rate (annual rate ÷ 12) n = total number of monthly payments (term in months)
To calculate, get or find a monthly payment by hand, work in this order:
Example: P = $10,000, APR = 6% → r = 0.005, n = 36 → M ≈ 10,000×0.005×(1.005)^36/((1.005)^36−1) ≈ $304.22
For fixed-rate installment loans at typical 2026 rates. Use Use this to open the calculator above pre-filled with that exact loan.
| Loan | Amount | APR | Term | Monthly payment | Total interest | Apply |
|---|---|---|---|---|---|---|
| Personal loan | $10,000 | 6% | 3 years | $304.22 | $951.90 | Use this → |
| Personal loan | $15,000 | 10% | 4 years | $380.44 | $3,261.06 | Use this → |
| Auto loan (new) | $25,000 | 7% | 5 years | $495.03 | $4,701.80 | Use this → |
| Auto loan (new) | $35,000 | 6% | 5 years | $676.65 | $5,598.88 | Use this → |
| Auto loan (used) | $20,000 | 8.5% | 5 years | $410.33 | $4,619.84 | Use this → |
| Personal loan | $22,000 | 8.99% | 5 years | $456.58 | $5,394.62 | Use this → |
| Personal loan | $70,000 | 7% | 5 years | $1,386.08 | $13,165.03 | Use this → |
As a rule of thumb, every 1% lower APR saves roughly 2–3% of the loan amount in total interest over a 5-year term — on the $25,000 row above, dropping from 7% to 6% cuts total interest from $4,701.80 to $3,999.20. Doubling the term from 3 to 6 years cuts the monthly payment by roughly 45% but roughly doubles total interest paid ($2,789.39 → $5,688.21 on the same $25,000 at 7%).
A loan payment is the fixed amount you pay a lender each month to repay borrowed money plus interest. The size of the payment depends on three things: the principal (amount borrowed), the annual interest rate, and the loan term in months. Whether you want to figure out a monthly payment, work out the total interest, or compare two loan offers, the standard amortization formula M = P × r(1+r)^n / ((1+r)^n − 1) gives the answer for mortgages, auto loans, student loans, and personal loans alike.
Enter loan parameters on the left, then click "Calculate Loan" to see results
We calculate the principal by subtracting your down payment from the total loan amount.
Using the principal, interest rate, and term, we calculate your fixed monthly payment.
Each payment is split between principal and interest, with early payments going more toward interest.
Every CalcCentral calculator is authored by a credentialed subject-matter expert and independently reviewed before publication. Our editorial policy follows the same E-E-A-T guidelines used by Google to evaluate YMYL (your-money-or-your-life) pages.
Author
Maya Chen, CFA
Chartered Financial Analyst
Independently reviewed
Dr. Aaron Pak, PhD
Doctor of Kinesiology & Public Health
Last reviewed: August 12, 2026 · Next scheduled review: quarterly
Cross-checked against authoritative formulas (IRS, NIST, ACSM) and updated for 2025/2026 tax years and rates.
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A loan payment calculator is a free tool that estimates the monthly payment, total interest, and total cost for any fixed-rate installment loan. Our loan payment calculator works for personal loans, mortgages, auto loans, and student loans. The loan payment calculator shows the full amortization schedule and total interest paid over the life of the loan.
How it works
Our loan payment calculator estimates your monthly payment, total interest, and full repayment schedule in four quick steps.
Type the total amount you want to borrow in the Loan Amount field. This is the principal before any down payment.
Type the annual interest rate (APR) as a percentage, for example 6.5. The calculator converts it to a monthly rate automatically.
Type the loan length in years, for example 30 for a 30-year loan. The calculator multiplies by 12 to get the number of monthly payments.
If you are paying part of the price up front, type that amount in the Down Payment field. The monthly payment is calculated on the principal minus down payment.
The calculator shows the monthly payment, total interest, total cost, and an amortization schedule for the first 12 months.
Pre-computed monthly payment matrices for the most common US loan amounts. Covers personal, auto, and mortgage segments.
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