Loan Calculator
Estimate monthly payments, total interest and payoff date for any fixed-rate loan.
$
Monthly payment
$500.95
Total interest
$5,056.96
Total payment
$30,056.96
Payoff date: Jul 2031
How to use
- Enter the loan amount (principal).
- Select the loan term in years.
- Set the annual interest rate.
- Review the monthly payment, total interest, and payoff date.
Formula
Monthly payment: M = P × r × (1 + r)^n / ((1 + r)^n − 1), where P is principal, r is monthly rate, n is number of payments.
Example
A $25,000 loan at 7.5% for 5 years:
Monthly payment ≈ $501.00; Total interest ≈ $5,060; Total payment ≈ $30,060.
Frequently asked questions
What types of loans can I calculate?
This calculator works for any fixed-rate installment loan including personal loans, business loans, and student loans.
Does this include fees?
No. Origination fees, insurance, and other charges are not included. Add fees to the principal if you want to account for them.
What if my rate is 0%?
At 0% interest, the monthly payment is simply the principal divided by the number of months.
How is the payoff date determined?
The payoff date is calculated from today, assuming payments start next month.
How do I calculate monthly loan payments?
Enter loan amount, interest rate, and term. The calculator uses the standard amortization formula for fixed monthly payments.
What is the payment on a $20,000 loan?
At 8% for 5 years, a $20,000 loan payment is about $405/month. Enter your exact terms for a precise result.
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