Loan Payment Calculator

Loan payment calculator: find the monthly payment, total interest and total cost of any fixed-rate personal or business loan.

Editorial review: Farrow (pseudonym; identity and professional credentials are not disclosed). This page is for educational purposes, not professional advice.

Your inputs

Results update as you type. Nothing you enter leaves your device.

Monthly payment

$391.34

Total interest: $3,784.09
Total of payments: $18,784.09

Example with the starting values

These results use the calculator's initial inputs. Change the values above to calculate your own estimate.

Inputs

Loan amount: 15000 $
Interest rate (APR): 11.5 %
Term: 48 months

Results

Monthly payment: $391.34
Total interest: $3,784.09
Total of payments: $18,784.09

How does the Loan Payment Calculator work?

A loan payment is the fixed monthly amount that repays a loan's principal plus interest over its term. The formula is M = P × r(1+r)^n / ((1+r)^n − 1), where P is the amount borrowed, r is the APR divided by 12, and n is the number of months.

Each payment covers that month's interest first, and the rest reduces the balance, so early payments are mostly interest. For example, $15,000 at 11.5% APR for 48 months costs about $391 a month.

Frequently asked questions

How do I calculate a monthly loan payment?

Use M = P × r(1+r)^n / ((1+r)^n − 1) with r = APR / 12 and n = months. For $10,000 at 6% for 36 months, r = 0.005 and the payment is about $304.22.

How much interest will I pay on a loan?

Total interest is the monthly payment times the number of months, minus the amount borrowed. A $10,000 loan at 6% for 36 months costs $304.22 × 36 − $10,000, or about $952.