Finance
Loan Calculator
Estimate your monthly payment and total interest for any loan in seconds.
Loan Payment Calculator
Assumes fixed rate and monthly payments. Estimates only.
How the loan calculator works
Enter the loan amount, the annual interest rate and how many years you'll take to repay. The calculator uses the standard amortization formula to estimate a level monthly payment.
The formula
Monthly payment = P × r × (1 + r)n ÷ ((1 + r)n − 1), where P is the principal, r is the monthly interest rate (annual ÷ 12 ÷ 100) and n is the number of monthly payments.
A higher rate or shorter term raises the monthly payment but lowers total interest. Use this tool to compare offers before you borrow.
Frequently asked questions
How is the monthly payment calculated?
It uses the standard amortization formula, spreading principal and interest into equal monthly payments over the term. The result assumes a fixed interest rate.
Does this include taxes, fees or insurance?
No. It shows principal and interest only. Property taxes, insurance and fees are separate and depend on your lender and location.
What happens if the interest rate is 0%?
With a 0% rate the monthly payment is simply the amount divided by the number of months, with no interest added.
Can I use it for a car loan or personal loan?
Yes. Any fixed-rate installment loan works — car loans, personal loans, student loans and mortgages all use the same math.