Loan Payment Calculator
Enter a loan amount, interest rate and term to see your monthly payment, the total interest and the total you will pay. It updates as you type, works in any currency and can include a down payment or extra monthly payments.
How to Calculate a Monthly Loan Payment
- Type the Loan amount.
- Enter the Interest rate as an annual percentage. 0 is allowed, up to 100.
- Set the Term and pick Years or Months. Years is the default, up to 100 years or 1,200 months.
- Optionally fill in Down payment. It comes off the loan amount before the payment is worked out, so it must be less than the loan amount.
- Read Monthly payment at the top, with Total interest and Total paid below it.
There is no submit button. The monthly payment is the same amount every month for the whole term.
Loan Payment Calculator with Extra Payments
Switch on Add extra payment and enter an Extra monthly payment. The calculator then shows a sentence with your new payoff time, how much sooner you finish and how much interest you save.
For example, take a loan amount of 25,000 with a 5,000 down payment, 6.5% interest over 5 years, and an extra 100 a month. It is paid off in 47 months (3 years 11 months), 13 months sooner, and saves 823.87 in interest.
A Worked Example
A 20,000 loan at 6.5% over 5 years:
| Result | Amount |
|---|---|
| Monthly payment | 391.32 |
| Total interest | 3,479.38 |
| Total paid | 23,479.38 |
The Loan Payment Formula
The payment is M = P x r x (1 + r)^n / ((1 + r)^n - 1), where P is the amount financed, r is the annual rate divided by 12 and n is the number of monthly payments. If the rate is 0%, the payment is P / n. Total paid is the payment times n, and total interest is that minus P.
This is the standard fixed-rate, equal-payment formula, so it fits car loans, personal loans and similar. Fees, insurance and taxes are not included. For a month-by-month breakdown, try the Amortization Calculator.
Private and Free
There is no currency symbol, so use any currency. The calculation runs in your browser, nothing you enter is uploaded, and there is no account.
Loan Payment Calculator FAQ
How do I calculate a monthly loan payment?
Enter the Loan amount, the Interest rate and the Term. The Monthly payment at the top updates as you type, with Total interest and Total paid beneath it. There is no calculate button. Choose Years or Months to match how your term is written.
What is the loan payment formula?
The monthly payment is M = P x r x (1 + r)^n / ((1 + r)^n - 1), where P is the amount financed, r is the interest rate divided by 12 and n is the number of months. At a 0% rate the payment is simply P / n.
How much is a 20,000 loan at 6.5% over 5 years?
The monthly payment is 391.32. Total interest is 3,479.38 and the total paid is 23,479.38. Enter 20000, 6.5 and 5 Years to see the same figures.
How does a down payment change the loan payment?
The Down payment is subtracted from the Loan amount before the payment is worked out, so you only pay interest on what is left. It must be less than the loan amount. Leave it empty if you have none.
How do extra payments shorten a loan?
Turn on Add extra payment and enter an Extra monthly payment. The extra goes straight to the balance each month, so you finish earlier and pay less interest. A sentence under the toggle gives the new payoff time, the time saved and the interest saved.
Can I use this loan payment calculator for a car loan or personal loan?
Yes. It uses the standard fixed-payment formula, so it suits any loan with a fixed rate and equal monthly payments, such as a car loan or personal loan. Fees, insurance and taxes are not included.
Does the loan calculator work with any currency?
Yes. There is no currency symbol, so enter amounts in dollars, pounds, euros, yen or anything else. The results come out in the same currency.
Is my loan information stored or uploaded?
No. The calculation runs in your browser and nothing you enter is sent anywhere. There is no account to create.
Recommended
-
CATIGA 12-Digit Desk CalculatorDouble-check the payment and try another rate by hand
-
BlueDriver Bluetooth OBD2 ScannerScan a used car for hidden faults before you finance it
-
The Total Money Makeover by Dave RamseyA plan for paying the loan off early
Helps keep the tools free. ✨
Images are for illustration only. As an Amazon Associate I earn from qualifying purchases.
