Enter values and select Calculate to see your result.
Find the monthly payment and total interest for a fixed-rate loan
Payments are made monthly in arrears. Fees and insurance are excluded.
How to use the Payment Calculator
Calculate a fixed monthly loan payment from principal, annual rate and number of monthly payments.
- Enter amount borrowed, annual rate and term.
- Check that the rate matches the lender's monthly billing.
- Calculate payment, total repayment and interest.
Payment Calculator formula
Payment = P × r(1+r)^n ÷ ((1+r)^n − 1).
Worked example
Inputs: $20,000 at 6% for 60 monthly payments.
What to expect: The monthly payment is approximately $386.66 before fees, insurance or taxes.
How to read your result
A longer term lowers the payment but usually increases total interest.
Frequently asked questions
Does the payment include fees?
No. Add financed fees to the principal if the lender includes them.
Why can my lender differ?
Daily interest, rounding, fees, insurance and the payment schedule can change the final figure.