Loan Payment Calculator
Enter a loan amount, annual interest rate, and term to estimate the fixed monthly payment and the total interest.
Loan Payment Calculator calculates in your browser.
Estimate a fixed monthly loan payment
Comparing a 36-month and a 60-month car loan, checking what a quoted rate means for a monthly budget, or seeing how much of a mortgage goes to interest: enter the amount, the annual rate, and the term, and the monthly payment, total repaid, and total interest appear as you type. It uses the standard formula for a fixed-rate loan repaid in equal monthly payments. It is a mathematical estimate — it does not include fees, taxes, or insurance, and it says nothing about whether a loan is a good idea or will be approved.
How to use the Loan Payment Calculator
- Type the loan amount. A $ sign and thousands separators such as 25,000 are fine.
- Type the annual interest rate, such as 6.5. A rate of 0% is allowed.
- Type the term and choose Years or Months. In years, a decimal works when it comes to whole months, like 2.5 years (30 payments).
- Read the monthly payment, total of payments, total interest, and number of payments, with the working underneath. Copy Result copies a one-line summary.
The formula
M = P × r(1 + r)^n ÷ ((1 + r)^n − 1)
r = annual rate ÷ 100 ÷ 12 · n = number of monthly payments
At 0%: M = P ÷ n
P is the amount borrowed. Each month, interest is charged on the balance still owed, and the rest of the payment reduces that balance; the formula finds the one payment that brings the balance to exactly zero after n payments. The payment is shown rounded to the cent, while the total and the interest use the unrounded payment. A real repayment schedule rounds every payment to the cent and adjusts the last one, so its totals can differ by a few cents.
| Loan | Monthly payment | Total interest |
|---|---|---|
| $200,000.00 at 6%, 30 years | $1,199.10 | $231,676.38 |
| $200,000.00 at 6%, 15 years | $1,687.71 | $103,788.46 |
| $25,000.00 at 7.5%, 60 months | $500.95 | $5,056.92 |
| $10,000.00 at 9.99%, 3 years | $322.62 | $1,614.50 |
| $12,000.00 at 0%, 48 months | $250.00 | $0.00 |
Calculated on your device
- The calculation runs in your browser as you type; nothing is sent to a server.
- Loan amounts, rates, terms, and results are not sent to Looty Tools or stored.
- The calculator area is masked from session-recording analytics, so what you enter isn’t captured in recordings.
Limitations
- Fixed-rate loans with equal monthly payments only — no adjustable rates, interest-only periods, balloon payments, or extra payments.
- Taxes, insurance, mortgage insurance, fees, and closing costs are not included. A quoted APR that includes fees isn’t the same as the interest rate used here.
- Interest is charged monthly at one twelfth of the annual rate; lenders that count interest by the day can come out slightly differently.
- Terms from 1 month to 50 years (600 payments), and rates from 0% to 100%.
- The $ is a display label; the math is the same in any currency.
Related calculators
- Percentage CalculatorFind a percentage of a number.
- Compound Interest CalculatorSee how interest compounds over time.
- Savings Goal CalculatorEstimate how long it takes to reach a savings target.
Guides
- How Loan Payments WorkThe fixed-payment formula behind installment loans, each variable explained, a step-by-step worked example, and the 0% interest case.
- Principal vs. InterestHow each fixed loan payment splits into interest and principal, an amortization example, and why the split shifts over the life of a loan.
- Loan Term and InterestWhy a longer term lowers the monthly payment but raises total interest, with worked comparisons for a car loan and a mortgage.
Loan Payment Calculator FAQ
- How is the monthly payment calculated?
- With the standard fixed-payment formula M = P × r(1 + r)^n ÷ ((1 + r)^n − 1), where P is the amount borrowed, r is the annual rate divided by 12, and n is the number of monthly payments. $200,000 at 6% over 30 years comes to $1,199.10 a month.
- What happens at a 0% interest rate?
- There is no interest to spread over the term, so the payment is simply the loan amount divided by the number of payments: $12,000 over 48 months is $250.00 a month.
- Can I enter the term in months?
- Yes. Choose Months for terms such as 36, 60, or 72 months. In years, decimals work when they come to a whole number of months — 2.5 years is 30 payments — and terms of up to 50 years (600 payments) are accepted.
- Does it include taxes, insurance, or fees?
- No. It covers the principal and interest of a fixed-rate loan only. Property taxes, insurance, mortgage insurance, origination fees, and closing costs are not included, and it does not handle variable or adjustable rates.
- Why might a lender’s figure be different?
- Lenders round each payment to the cent and adjust the last one, may count interest by days rather than months, and may add fees or quote an APR that includes costs. The calculator shows the plain formula result for the rate you enter.
- Is this financial advice?
- No. It is a mathematical estimate of how a fixed-rate loan pays off. It can’t tell you whether a loan is affordable or whether a lender will approve it.
- Are the amounts I enter sent anywhere?
- No. The calculation runs in your browser as you type. The amounts, rates, and results are not sent to Looty Tools or stored, and the calculator area is masked from session-recording analytics. Refreshing the page clears it.
