Calculate monthly loan payments, total interest, and view amortization schedule. Free online loan payment calculator.
Formula: M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where P = principal, r = monthly interest rate (annual rate ÷ 12), n = total payments.
Example: P = $10,000, APR = 6% → r = 0.06/12 = 0.005, n = 36 → M ≈ 10,000×0.005×(1.005)^36/((1.005)^36−1) ≈ $304.22
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.
Cross-checked against authoritative formulas (IRS, NIST, ACM) and updated for 2025/2026 tax years and rates.
No server roundtrip. All math runs in your browser so results appear the moment you finish typing.
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Each calculator includes the formula, plain-English explanation, and FAQs so you understand the result.
Estimates only. Calculator results are for educational and planning purposes — not professional advice. For binding decisions on taxes, investments, health, or legal matters, consult a qualified professional.
FAQ
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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.
Learn what APR is, how it differs from interest rate, and why it matters for loans and mortgages.
Learn how loan amortization works, why early payments are mostly interest, and how to save money.
Understand how timing affects every financial calculation involving money over time.