Loan Payment Calculator
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How to use Loan Payment Calculator
- Enter the loan amount.
- Enter the annual interest rate and term in years.
- Read the monthly payment, total and interest.
Common uses
- Comparing loan offers.
- Planning a car or personal loan budget.
- Seeing how term length affects interest.
About this tool
Estimate the monthly payment on a fixed-rate loan from the amount, annual interest rate and term. The formula is M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where r is the monthly rate and n is the number of payments. Results exclude fees, insurance and taxes, so treat them as an estimate.
Worked example
A 20,000 loan at 6% a year over 5 years (60 monthly payments) costs about 386.66 a month. You repay about 23,200 in total, so the interest is about 3,200.
Common problems and fixes
- The payment does not match my bank.
- Banks may add fees, use daily interest or round differently. Treat the result as an estimate.
- Interest rate entered as monthly.
- Enter the annual rate. The calculator converts it to a monthly rate.
- A longer term lowers the payment but costs more.
- Stretching the loan over more months reduces each payment but increases total interest.
Next steps
Frequently asked questions
Which formula is used?
M = P × r × (1+r)^n ÷ ((1+r)^n − 1), with r the monthly rate and n the number of payments.
Are fees included?
No. Fees, insurance and taxes are not included.
Is this exact?
It is an estimate for fixed-rate amortising loans; lenders' figures may differ slightly.
Are my files uploaded to a server?
No. Everything runs inside your browser on your own device, so your files and text are never sent anywhere.
Is it really free?
Yes. There is no sign-up, no watermark and no limit on how often you use it.
Does it work on my phone?
Yes. It works in any modern browser on phones, tablets and computers. Very large files may be slow on older phones.