Loan payment calculator
Enter the loan amount, interest rate and term to see your monthly payment, total interest and payoff date. You can also solve for the loan amount you can afford, the time to pay off or the rate a lender is charging. Works for personal, car, student and business loans.
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Results are estimates for planning only and are not financial advice.
How to use it
- Choose what to calculate: the payment, the loan amount, the payoff time or the interest rate.
- Enter the other values, such as the loan amount, yearly interest rate and term in years and months.
- Pick how often you pay. Open the extra options to add extra payments, an upfront fee or the first payment date.
- Read the payment, total interest and payoff date, then check the chart and the amortization schedule or download it as CSV.
Why use this tool
Solve for any value
Find the payment, the most you can borrow, how long repayment takes, or the real interest rate of an offer.
Any payment frequency
Monthly, twice a month, every two weeks or weekly, with dates for every payment.
Extra payments
See how much interest and time you save by paying a little more each period.
APR with fees
Add an origination or arrangement fee to see the true yearly cost of the loan.
Full schedule
Yearly or per-payment amortization table with principal, interest and balance, ready to download as CSV.
Any currency
Works in dollars, euros, rupees, yen and 30 other currencies, with local number formats.
How the loan payment is calculated
Most loans use level payments: each payment is the same, but the share of interest falls over time while the share of principal grows. The payment is P × r ÷ (1 − (1 + r)^−n), where P is the loan amount, r the interest rate per period (yearly rate ÷ payments per year) and n the number of payments.
For example, a 20,000 loan at 7.5 % for 5 years costs about 400.76 a month. Over 60 payments you pay about 4,046 in interest.
Typical loan terms
| Loan type | Usual term | What affects the rate |
|---|---|---|
| Personal loan | 1–7 years | Credit score, income and existing debt |
| Car loan | 3–7 years | New or used car, down payment, credit score |
| Student loan | 10–25 years | Government or private lender, repayment plan |
| Business loan | 1–10 years | Business history, revenue and security |
| Mortgage | 15–30 years | Down payment, property value, fixed or variable rate |
Ways to pay less interest
- Choose the shortest term with a payment you can comfortably afford.
- Pay extra whenever you can. Even small extra amounts cut both interest and time.
- Compare offers by APR, not just the interest rate, because fees raise the real cost.
- Improve your credit score before applying to get a lower rate.
- Paying every two weeks instead of monthly adds roughly one extra monthly payment a year.
Interest rate vs APR
The interest rate is what the lender charges on the balance. The APR (annual percentage rate) also includes upfront fees spread over the loan, so it shows the true yearly cost. When the lender keeps a fee from the money you receive, you pay interest on money you never got, which makes the APR higher than the rate.
Frequently asked questions
How do I calculate a monthly loan payment?
Divide the yearly rate by 12 to get the monthly rate r, then use payment = P × r ÷ (1 − (1 + r)^−n), where P is the loan amount and n the number of months. This calculator does it for you and also shows the full schedule.
How much can I borrow with a given monthly payment?
Choose Loan amount at the top, then enter the payment you can afford, the rate and the term. The calculator works backwards to the largest loan those payments repay.
How long will it take to pay off my loan?
Choose Payoff time and enter the loan amount, rate and the payment you plan to make. If the payment is less than the monthly interest, the loan never gets paid off and the calculator tells you.
How do I find the interest rate of a loan offer?
Choose Interest rate, then enter the loan amount, the payment and the term from the offer. The calculator finds the yearly rate that matches.
Do extra payments really save money?
Yes. Extra payments go straight to the principal, so less interest builds up afterwards. Paying 100 extra a month on a 20,000 five-year loan at 7.5 % saves several hundred in interest and ends the loan more than a year early.
Is the result exact?
It is a close estimate. Lenders may round each payment, count days differently or add insurance and fees, so your contract can differ by a few cents or more.
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