Find your exact fixed monthly payment for any loan amount, interest rate, and term — plus your total interest and payoff date.
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$0
Monthly Payment
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Total Interest Paid
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How the Loan Payment Calculator works
Most installment loans — mortgages, auto loans, and personal loans among them — use a fixed
monthly payment that stays exactly the same for the entire term. That payment is calculated so
that each month's interest is covered first, with the remainder going toward your principal
balance, until the balance reaches zero on the final payment.
The math behind that fixed payment is the standard amortization formula. It only needs three
inputs: how much you're borrowing, your annual interest rate, and how many months you'll be
paying it back.
Payment = (P × r) / (1 − (1 + r)^−n)
Here, P is your loan amount, r is your monthly interest rate
(your annual rate divided by 12), and n is the total number of monthly payments.
Once you know the payment, you can also see the total interest you'll pay over the life of the
loan and roughly when you'll be debt-free.
Frequently asked questions
Your fixed monthly payment is calculated with the standard loan amortization formula: Payment = (P × r) / (1 − (1 + r)^−n), where P is your loan amount, r is your monthly interest rate (annual rate ÷ 12), and n is the total number of monthly payments. This formula sets a payment that stays exactly the same every month while still paying off the loan in full by the end of the term.
No. This calculator only computes principal and interest based on the loan amount, rate, and term you enter. If you're financing a home or car, your actual monthly bill may also include property taxes, homeowners or auto insurance, and other fees, which this tool does not add.
This calculator assumes a fixed interest rate for the full term. If your loan has a variable or adjustable rate, your actual payment will change whenever the rate resets — use this tool to estimate your payment at today's rate, and re-run it with a new rate to see how a change would affect you.
Interest is charged on your current balance, which is highest at the beginning of the loan. As you pay down principal each month, the balance shrinks, so less of each future payment is needed to cover interest and more goes toward principal — even though the payment itself never changes.