Estimate monthly payments, total repayment, and total interest for a fixed-rate loan.
P is principal, r is monthly interest rate, and n is the number of monthly payments. The estimate assumes a fixed rate and regular monthly payments.
How to Calculate a Loan Payment →
A fixed-payment loan calculation uses the principal, periodic interest rate, and number of payments. The payment contains both interest and principal. Early in many amortizing loans, a larger share of each payment goes toward interest; over time, the principal portion increases.
For a loan of 10,000 at an annual rate of 6% with monthly payments over five years, the monthly rate is 0.06 ÷ 12 and the number of payments is 60. The calculator applies the standard amortization formula to estimate the fixed payment.
Real loans can include origination fees, insurance, taxes, late fees, variable rates, or payment schedules that differ from the assumptions. A lender’s disclosure may therefore show a different total cost even when the headline interest rate is similar.
Change one input at a time to see how the payment responds to the loan amount, interest rate, or term. A longer term can lower the periodic payment while increasing the total interest paid, so both figures matter when evaluating a borrowing scenario.
It can estimate a regular payment from the principal, interest rate, and loan term. Actual payments can differ when fees, insurance, variable rates, or other charges apply.
For the same principal and term, a lower rate generally reduces interest. Total borrowing cost also depends on the term, fees, payment schedule, and other charges.
A longer term spreads repayment over more periods. That can lower the regular payment while increasing the amount of time interest is charged.