Enter values and select Calculate to see your result.
Monthly Payments & Interest
Use the loan calculator to estimate repayment for a fixed-rate installment loan.
View formula
Payment = P × r(1+r)ⁿ ÷ ((1+r)ⁿ − 1)
How to use the Loan Calculator
Estimate monthly payments, total repayment and interest for a fixed-rate installment loan.
- Enter principal, annual rate and term in years.
- Check that inputs match the lender offer.
- Calculate payment, total and interest.
Loan Calculator formula
Monthly payment uses standard fixed-rate amortization with monthly rate and payments.
Worked example
Inputs: $20,000 at 8% annual interest for 5 years.
What to expect: The tool estimates monthly payment before fees, insurance and other charges.
How to read your result
A longer term can lower payment while increasing total interest; compare total cost and APR.
Frequently asked questions
Does it include taxes and insurance?
No. It focuses on principal and interest.
What if rate is 0%?
Payment becomes principal divided by monthly payments.