Calculators
Loan Calculator
Estimate monthly payment, total cost, and interest for a fixed-payment loan.
Loan Calculator tool
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About This Tool
Estimate the fixed monthly principal-and-interest payment for a loan that is repaid in equal monthly installments. Enter the amount borrowed, nominal annual interest rate, and repayment term in years or months to see the estimated payment, total scheduled payments, and total interest. This is useful for quick borrowing scenarios and learning how rate and term affect cost, but it is not a lender quote, APR disclosure, affordability decision, or financial advice.
How To Use It
- Enter the loan amount before interest. Use one currency consistently throughout the calculation.
- Enter the fixed nominal annual interest rate as a percentage, such as 6.5 for 6.5%.
- Enter the repayment term and choose years or months. Decimal entries are rounded to the nearest whole month.
- Review the monthly payment, total paid, and total interest, or copy the summary for comparison notes.
- Compare real loan offers with their official disclosures because fees, APR rules, payment timing, and required escrow items are outside this simplified model.
Examples
30-year home-style loan
Enter 250,000, 6.5%, and 30 years to estimate a long fixed-payment loan with 360 monthly payments. The result includes principal and interest only.
Short personal loan
Choose months for the term unit, then enter 36 to estimate a three-year personal loan without converting months to years first.
Zero-interest repayment
For a 12,000 loan at 0% over 48 months, the calculator divides the principal evenly into 250 monthly payments and reports zero interest.
Term comparison
For the same amount and rate, a shorter term usually raises the monthly payment but reduces the number of months where interest accrues.
Useful Notes
Payment formula
For a positive monthly interest rate r, principal P, and n monthly payments, payment = P x r / (1 - (1 + r)^-n). The calculator converts the entered annual percentage rate to a monthly rate by dividing by 100 and then by 12.
Zero-interest case
When the annual rate is exactly zero, the standard amortization formula would divide by zero. In that case the payment is simply principal divided by the number of monthly payments.
Term handling
Terms are converted to whole monthly payments. Decimal-year or decimal-month entries are rounded to the nearest month before the payment is calculated, so very small terms may be rejected if they round below one month.
Assumptions
Results estimate principal and interest only for a fixed-rate, fully amortizing loan with scheduled monthly payments. Taxes, fees, insurance, escrow, late payments, extra payments, changing rates, and lender-specific rules are not included.
Use for scenarios, not approvals
A payment estimate does not determine whether a loan is affordable, suitable, available, or likely to be approved. Use official lender disclosures and qualified guidance for consequential borrowing decisions.
FAQ
Does this include taxes, insurance, or fees?
No. It estimates principal and interest only, so mortgage taxes, insurance, origination fees, servicing fees, escrow items, and other costs need to be added separately.
Can I enter a term in months?
Yes. Choose Months as the term unit and enter the number of monthly payments directly.
What happens with a 0% interest loan?
The monthly payment is the loan amount divided by the number of months, and total interest is shown as zero.
Is the entered rate the same as APR?
Not necessarily. This calculator treats the rate as the fixed nominal annual interest rate used for monthly payment math. APR may include certain fees and can follow jurisdiction-specific disclosure rules.
Does this show an amortization schedule?
No. This page summarizes payment, total paid, and total interest. It does not break each month into principal and interest rows.