Finance, Business & Real Estate

Loan Calculator

Calculate a fixed loan payment, total repayment, and total interest from loan amount, APR, and loan term.

$
%
months
Monthly Payment
313.36
Total Repayment11,281.09
Total Interest1,281.09

Calculated locally in your browser. Fast, secure, and private.

Calculate a fixed monthly loan payment

This loan calculator estimates the monthly payment for a fixed-rate installment loan. It works for personal loans, small business loans, and any simple loan where the rate and payment stay constant over the term.

M=Pxr(1+r)n/((1+r)n−1)\begin{aligned} M = P x r(1 + r)^n / ((1 + r)^n - 1) \end{aligned}

Where:
M=
Monthly payment
P=
Loan principal
r=
Monthly interest rate
n=
Number of monthly payments

How loan payments are calculated

The payment formula spreads the borrowed principal and interest across every month of the loan term. Higher interest rates increase both the monthly payment and the total interest paid.

Frequently Asked Questions

No. It calculates principal and interest only. Origination fees, insurance, taxes, and other charges should be added separately.

Yes. If the interest rate is zero, the calculator divides the loan amount evenly across the loan term.

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