Loan Payment Calculator
Calculate your monthly loan payment, total interest, and total cost from the loan amount, interest rate, and term. Free and accurate.
Calculator by Toolsloft ↗- Monthly payment
- $396.02
- Total interest
- $3,761.44
- Total paid
- $23,761.44
This calculator finds your monthly loan payment along with the total interest and total amount paid, from the loan amount, annual rate, and term in months. Use it to check what a fixed-rate loan will cost each month before committing.
How this is calculated
It applies the standard amortizing-loan payment formula, Payment = P*r*(1+r)^n / ((1+r)^n - 1), where r is the annual rate divided by 12 and n is the number of months; a 0% loan reduces to the amount divided by the term.
How to use
- Enter the loan amount.
- Enter the annual interest rate and term in months.
- Read the monthly payment, total interest, and total paid.
Examples
- $20,000 at 7% / 60 mo:
payment $396.02 - 0% interest:
$5,000 over 12 mo → $416.67
FAQ
- How is the monthly loan payment calculated?
- Payment = P·r·(1+r)^n / ((1+r)^n − 1), where P is the amount, r is the monthly rate (annual ÷ 12 ÷ 100), and n is the number of months.
- What is total interest?
- The total paid over the full term minus the original loan amount, the cost of borrowing.
- Does it work for a 0% loan?
- Yes. At 0% the payment is simply the amount divided by the number of months.